Commodity Blog

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Soybeans Fall, Copper Advances

September 3, 2009 at 21:53 by Vladimir Vyun

Soybeans may fall to $8.50 per bushel as U.S. farmers harvest a record crop. There are no signs of early frost, and even in case of frost damage to crop may be not very high. The harvest in the U.S. expected to rise to 3.266 billion bushels in the marketing year that began September 1st. Global demand for the oilseed may rise to 234 million metric tons in 2009–2010 from 221.6 million tons from the previous year, boosted by demand in China. November delivery for soybeans slightly changed to $9.5075 per bushel as of 8:47 Singapore time today.

Copper advances as rebound in global equity markets lead to speculation that demand for industrial metals will grow. Gain in equities in China helped fueled traders’ optimism for an economic recovery in the world’s largest metals consumer today. December futures for copper delivery gained $0.045 (1.6 percent) to $2.871 per pound by 13:18 on the New York Mercantile Exchange’s Comex division.

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