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Sugar, Wheat, Cotton Prices Go Up

February 3, 2010 at 0:58 by Vladimir Vyun

Sugar futures rose on speculation that the global deficit will be higher than forecasted. Analysts say that “sugar has favorable technicals and fundamentals”. March futures for raw-sugar delivery added $0.0012 (0.4 percent) to $0.294 per pound on ICE Futures U.S. in New York.

Wheat futures gained in Chicago on forecast that supplies may decline because farmers in the U.S. cut selling after prices dropped last month to the lowest level since June. Prices are also aided by expectation of rising demand for U.S. wheat. March futures for wheat delivery went up $0.125 (2.6 percent) to $4.8725 per bushel on CBoT.

Cotton prices rose, ending the longest decline since September 2008, on outlook for improving demand in China, the biggest buyer of the fiber in the world. The area planted with cotton may decrease by 4.9 percent and reductions in the crop supply may cause Chinese textile producers to increase imports. March futures for cotton delivery gained $0.0104 (1.5 percent) to $0.6926 per pound on ICE.

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