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Sugar Rise; Corn, Wheat Decline

December 3, 2009 at 0:13 by Vladimir Vyun

Sugar rose to the weekly high on speculation that production will fall in India, the second-biggest producer in the world. The sugar production in the season started October 1st in India expected to be somewhat lower than previously expected 16 million metric tons. March futures for sugar delivery added $0.0038 (1.7 percent) to $0.2304 per pound on ICE.

Corn futures slid to the weekly low as farmers in the U.S. are selling a near-record harvest to profit from a 22 percent rally since October 2nd. Analysts consider rally to be “capped”. March futures for corn delivery slid $0.08 (1.9 percent) to $4.065 per bushel on CBT.

Wheat dropped as the rising price last month diminished the attractiveness of the U.S. grain. Traders may begin selling the commodity after the price reached $5.98 per bushel, the record price since November 23rd, yesterday in Chicago. March futures for wheat delivery dropped $0.08 (1.4 percent) to $5.76 per bushel by 10:01 on CBT.

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

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