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Sugar Go Down with Rising India Production; Soybeans Rise with Increasing Demand

December 1, 2009 at 21:02 by Vladimir Vyun

Sugar dropped on forecast that production of the sweetener in India may increase. Cane harvest was damaged previous month by excessive rainfall brought by the cyclone. Analysts predict that more mills may start crushing because warm weather is expected over the main growing region this month. March futures for raw-sugar delivery dropped 0.6 percent to $0.2264 per pound in New York yesterday.

Soybeans price reached the highest level since June as demand for animal feed and cooking oil from the U.S. increased. Demand for supplies from the U.S. rose as a dry weather has cut yield in Brazil and Argentina this year. U.S. soybeans export grew 58 percent to 27.1 million metric tons from September 1st to November 19th. January futures for soybean delivery added $0.16 (1.5 percent) to $10.765 per bushel by 10:18 on the Chicago Board of Trade.

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