Will Sugar Continue Its Decline? Soybeans Rise
Analysts say that sugar may continue to fall as the technicals don’t support its price. It will be difficult for sugar to rebound unless it will rise above $500 per metric ton. Some traders refrain from purchasing sugar on the expectation of lower prices. May delivery for white sugar fell $6 (1.2 percent) to $483 per ton on the Liffe exchange.
Soybeans rose to the highest level this week on the speculation that China, the largest oilseed importer, will help its currency to rise versus the dollar, decreasing the cost of buying U.S. supplies. The Chinese government is going to let the yuan to appreciate, hoping to keep the rate of the inflation in check. Chinese oilseed processors have purchased about 15 cargoes of soybeans in the previous week after the profit margins rose. May futures for soybean delivery gained $0.0424 (0.4 percent) to $9.4875 per bushel by 12:00 on CBoT.
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