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Sugar Goes Up; Wheat, Soybeans & Corn Fall on Strong Dollar

February 19, 2010 at 19:45 by Vladimir Vyun

White sugar gained in London on signs that a global production deficit may persist, encouraging importers to increase inventories. Production of sugar cane in Brazil and India, the largest growers in the world, was hampered by adverse weather. Analysts forecast that global demand will exceed worldwide output by 9.4 million metric tons in the 2009–10 season. May delivery for white sugar rose $7.60 (1.1 percent) to $714.50 per metric ton on the Liffe exchange.

Wheat, soybeans and corn dropped in Chicago after the dollar gained, making purchases of U.S. crops unprofitable for traders, who are using other currencies. May delivery for wheat lost 1.3 percent to $4.9325 per bushel on CBoT by 12:34. Argentina, the third biggest soybean exporter in the world, may produce more soybeans than previously predicted record 52 million tons with the aid of rains. May delivery for soybeans declined 0.7 percent to $9.575 per bushel. Corn planting is expected to increase from 86.5 million acres last year to 89 million this year. May delivery for corn fell 0.7 percent to $3.6625 per bushel.

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