Gains of Corn & Natural Gas on Higher Demand, Cocoa Jumps
Cocoa jumped to the highest level in a week on concerns that political tensions in Ivory Coast will disrupt supplies. Clashes between forces of the former president, who refused to give up power, and the supporters of the internationally recognized winner of the passed presidential elections continue with sporadic gunfire. July contract for cocoa delivery rose $14 (0.5 percent) to $3,070 per metric ton by on ICE.
Corn jumped on anticipation that demand from livestock producers will rise after exports of US meat increased. The US Meat Export Federation reported that beef exports surged 25 percent in February from a year earlier, while exports of pork rose 8 percent. Corn also advanced on concerns that cool, wet weather will harm crops. July futures for corn delivery jumped $0.035 (0.5 percent) to $7.61 per bushel as of 13:15 on CBoT.
Natural gas gained on speculation that demand will increase as the US economy recovers. The Energy Department predicted that consumption of gas will increase to 66.75 billion cubic feet per day this year. May contract for natural gas delivery went up $0.043 to $4.141 per million British thermal units on NYMEX.
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