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Soybeans Gains on Demand, Cocoa & Sugar Falls on Supply

August 9, 2010 at 22:27 by Vladimir Vyun

Soybeans gained today on speculation that US inventories will decline with increasing China’s imports. China bought 284,000 metric tons of US soybeans for delivery after September 1st, while Chinese processors may have purchased more than 1.2 million tons of soybeans from the US in the previous week. November futures for soybean delivery went up $0.0525 (0.5 percent) to $10.39 per bushel as of 10:12 on CBoT.

Cocoa slipped to the lowest level in three months in London on outlook for better harvest in Ivory Coast, the biggest grower in the world. The harvest starting next month may rise 11 percent to 1 million metric tons from 900,000 tons in the previous year. December delivery for cocoa gained $4 (0.1 percent) to $3,039 per ton by 12:03 on ICE.

Raw-sugar futures erased gains, sliding to the two-week low, on speculation that growing supplies from Brazil will curb the global deficit. Production in Brazil’s Center South, the largest producing region in the world, advanced 26 percent in the first half of July. October delivery for raw sugar fell 0.5 cent (2.7 percent) to $0.1774 per pound as of 13:10 on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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