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Wheat Gains, Corn & Soybeans Falls on Weather; Sugar Drops

June 23, 2010 at 22:35 by Vladimir Vyun

Wheat gained today on outlook that production in the U.S., Canada and Russia would decline because of adverse weather. U.S. output may decline 6.7 percent in the year started June 1st; Canadian farmers sowed 7.1 percent less acres than in the previous year; Russia expected to harvest 55.9 million metric tons of wheat, 9.5 percent fewer than previously predicted. September futures for wheat delivery gained $0.0475 (1 percent) to $4.805 per bushel as of 10:24 a.m. on CBoT.

Corn and soybeans fell today on forecast that warm weather would boost harvest. Another reasons for drop of the commodities were the stronger dollar and the outlook for lower demand from China. December futures for corn delivery slid $0.0375 (1 percent) to $3.6825 per bushel by 11:09 on the Chicago Board of Trade. November futures for soybean delivery fell $0.11 (1.2 percent) to $9.25 a bushel.

Sugar dropped today, erasing previous gains, after new home sales in the U.S. tumbled, signaling that the economic recovery may stall. Markets were also bothered by slumping equities and falling crude oil prices. October delivery for raw sugar slipped $0.0011 (0.7 percent) to $0.1581 per pound on ICE Futures U.S.

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

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