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Sugar Drops as Dollar Rebounds; Wheat Rises on Harvest Delays

November 17, 2009 at 21:02 by Vladimir Vyun

Sugar futures slid after U.S. equities fell and the dollar strengthened today. The dollar rose 0.8 percent versus a basket of six major currencies. The Standard & Poor’s 500 Index dropped 0.4 percent, signaling that the global economic rebirth may be slow, eroding demand for higher-yielding assets. March futures for raw-sugar delivery slid $0.0016 (0.7 percent) to $0.2307 per pound by 10:07 on ICE Futures U.S. in New York.

Wheat futures gained, touching the highest level in four months, on forecast that heavy rains will slow U.S. planting more then expected. Analysts says that trend for the wheat are definitely going to be bullish as delayed harvest means smaller crop and smaller stocks next year. March futures for wheat delivery gained $0.03 (0.4 percent) to $5.8625 per bushel as of 10:57 on CBoT.

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