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Sugar Rises on Demand Recovery, Soybeans & Corn Go Up

March 29, 2010 at 21:05 by Vladimir Vyun

Sugar rose for the first time in three sessions as demand rebounded after a decline in prices. India, the world largest sugar buyer, plans to widen imports to boost domestic stockpiles. Prices more than doubled in 2009 as bad weather conditions damaged harvests in Brazil and India, the largest growers it the world. May delivery for raw sugar advanced $0.0038 (2.2 percent) to $0.1738 per pound at 9:42 a.m. on ICE.

Soybeans and corn advanced after the dollar fell, bolstering attractiveness of the U.S. commodities. The greenback dropped for a second straight session versus a basket of six major currencies after concerns about Greek debt lessened. May futures for soybean delivery rose $0.1625 (1.7 percent) to $9.6825 per bushel by 10:17 on the Chicago Board of Trade. May futures for corn delivery gained $0.0225 (0.6 percent) to $3.585 per bushel.

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