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Soybeans Bounce, Sugar Remains in Downtrend

September 16, 2014 at 2:13 by Vladimir Vyun

Futures for soybeans managed to rise today on concerns that cold temperatures may damage crops in northern parts of the United States. Previously, the oilseed was losing value due to the forecast of a record harvest. Now, such predictions look less valid, and this, together with the decline of US inventories, helped prices to bounce. November futures for delivery of soybeans rose 0.48 percent to $9.9425 per bushel as of 2:00 GMT on CBoT today.

Meanwhile, sugar fell for a ninth straight trading session yesterday and continued to fall today — the longest stretch of losses since December. Analysts predict that global surplus will reach 3.8 million metric ton by October. Traders feel no need to buy at the current price due to expectations of substantial supply. March contract for delivery of sugar fell 0.31 percent to $0.1627 per bushel on ICE today.

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