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Soybeans & Sugar Rally, Cotton Declines

December 16, 2010 at 0:53 by Vladimir Vyun

Soybeans gained today on speculation that dry weather will harm crops in Argentina. Soybeans also declined as a stronger dollar diminished demand for commodities. March futures for soybean delivery went up $0.0175 (0.1 percent) to $13.0775 per bushel by 13:15 on CBoT.

Sugar rallied today for a fourth consecutive day on speculation that demand may outpace supply even though India is planning to resume export. Consumption of sugar may reach 165.3 million metric tons, almost 3 million tons more than production. The sweetener more than doubled from the level in May, which was the lowest in more than a year.

Cotton dropped today because of high prices and increasing plating in the US. Acreage may increase by at least 10 percent in the Southwest US. March delivery for cotton dropped $0.0235 (1.6 percent) to $1.4214 as of 14:46 on ICE.

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

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