Posts Tagged ‘Brazil’
Decline of Sugar & Wheat Futures, Advance of Soybeans
Sugar futures dropped to a lowest in seven months in New York as production rose in Brazil and India, the largest producers in the world. India’s production will reach 16.8 million metric tons in the year ending September 30th, while output in Brazil more than doubled in the second half of February from a year earlier. Traders are holding their purchases in hopes for further price decline. May futures for sugar delivery fell $0.0063 (3.1 percent) to $0.1969 per pound on ICE Futures U.S.
Soybeans advanced to a highest in a week as China bought supplies from the U.S. exporters and after the report that stockpiles will be smaller than predicted. China bought 110,000 metric tons for delivery in the year beginning September 1st, signaling that appeal of the U.S. supplies persist despite the record harvest in South America. Inventories will be 190 million bushels on August 31st, down from 210 million forecasted in February. May futures for soybean delivery gained $0.105 (1.1 percent) to $9.58 per bushel on CBoT.
Wheat futures slid to a monthly low on speculation that inventories in the U.S., the greatest exporter in the world, will increase. Stockpiles will reach as much as 1.001 billion bushels on May 31st, up from a February forecast of 981 million bushels, while consumption for food, livestock feed and exports will be 1 percent less than predicted in the previous month. May futures for wheat delivery declined $0.08 (1.6 percent) to $4.815 per bushel on the Chicago Board of Trade.
Sugar Drops on Rising Output, Wheat Slides on Dollar Advance
Sugar futures dropped for a second day in New York, reaching the lowest price in six months, on speculation that production in India will increase. Analysts say that production in India may reach as much as 16.8 million metric tons of sugar in the year through September. Sugar futures more than doubled in 2009 as bad weather conditions cut supplies from India and Brazil. May futures for
Wheat slid to a
Sugar Goes Up; Wheat, Soybeans & Corn Fall on Strong Dollar
White sugar gained in London on signs that a global production deficit may persist, encouraging importers to increase inventories. Production of sugar cane in Brazil and India, the largest growers in the world, was hampered by adverse weather. Analysts forecast that global demand will exceed worldwide output by 9.4 million metric tons in the 2009–10 season. May delivery for white sugar rose $7.60 (1.1 percent) to $714.50 per metric ton on the Liffe exchange.
Wheat, soybeans and corn dropped in Chicago after the dollar gained, making purchases of U.S. crops unprofitable for traders, who are using other currencies. May delivery for wheat lost 1.3 percent to $4.9325 per bushel on CBoT by 12:34. Argentina, the third biggest soybean exporter in the world, may produce more soybeans than previously predicted record 52 million tons with the aid of rains. May delivery for soybeans declined 0.7 percent to $9.575 per bushel. Corn planting is expected to increase from 86.5 million acres last year to 89 million this year. May delivery for corn fell 0.7 percent to $3.6625 per bushel.
Coffee Drops as Dollar Strengthens, Sugar Declines
Coffee slid New York as the stronger dollar curbed demand for commodities as an alternative investment. The greenback gained for the first time this week versus a basket of six major currencies. March futures for
Sugar rose on speculation that farmers in India will not significantly increase planting of cane. A
Wheat & Coffee Fall as Dollar Strengthens
Wheat prices dropped to a lowest in three months on speculation that demand for grain from the U.S. will fall and global stockpiles will increase. Analysts say that global inventories will rise 19 percent in the year ending May 31st. Futures also fell as the strengthening dollar cut the attractiveness of U.S. exports. March delivery for wheat futures dropped $0.03 (0.6 percent) to $4.975 per bushel on the Chicago Board of Trade.
Coffee futures tumbled to the
Copper Rise; Corn, Soybeans, Sugar Tumble
Copper gained in New York and London after imports of the industrial metal into China rose for a second month and the dollar fell. Shipments of copper into China increased to 369,400 tons in December. March futures for copper delivery gained $0.0405 (1.2 percent) to $3.441 per pound on the Comex division of the New York Mercantile Exchange. Delivery for copper in three months rose $106.50 (1.4 percent) to $7,567.50 a ton ($3.43 a pound) on LME.
Corn futures slid and soybeans declined on speculation that demand for supplies from the U.S. will decline as rains will increase crop yields in Argentina and Brazil. Rainfall will aid crops in Brazil in the next 10 days and will increase soil moisture for developing corn and soybeans in the next two days in Argentina. March futures for corn delivery declined $0.005 to $4.225 per bushel on the Chicago Board of Trade. March futures for soybean delivery slid $0.115 (1.1 percent) to $10.105 per bushel in Chicago.
Sugar tumbled to the lowest in nine weeks after speculators increased sales as prices last week reached the record in almost 29 years.
Will Oil’s Rally Stop at $88? Sugar Prices Surge
Analysts predict that crude oil’s rally will stop at $88 level. The level of $88 was a support in 2007 and at the end of 2008. Price support level at a falling market may become resistance when prices are beginning to rise. Oil rose to $83.52 per barrel (a highest level in 14 months) on January 6th.
Sugar prices increased the fourth time this week reaching the highest level in almost three decades on expectation that countries including India, the greatest buyer in the world, are going to raise imports to ease a growing supply shortage. As a result of surge in global prices sugar mills in India are forced to delay imports because high prices made overseas purchases unprofitable. Sugar futures more than doubled in the past year, touching a 29-year high yesterday in New York, as adverse weather damaged cane crops in India and Brazil, biggest growers in the world. March futures for
Soybeans Fall, Wheat Goes Up as Rains May Cut Planting
Soybeans tumbled to the lowest in two weeks on outlook that demand for supplies from the U.S will wane as farmers in South America may harvest record crops next month. Argentina and Brazil, the two greatest growers after the U.S., may harvest a record 116 million tons. Rainfall next week will boost soybean filling and pod development in both countries. Analysts say that speculation about “demand shifting away from U.S. supplies, especially from China” caused “some selling”. January futures for soybean delivery slid $0.045 (0.4 percent) to $10.565 per bushel by 10:25 on the Chicago Board of Trade.
Wheat reached the highest level in a month after report that fewer acres were planted with winter varieties in the U.S. because of unusually wet weather. Some farmers were prevented from sowing wheat by muddy fields delaying corn and soybean harvests. The price also aided by speculators buying contracts with expectation on rising demand for raw materials. March futures for wheat delivery increased $0.1425 (2.6 percent) to $5.6725 per bushel on CBT.
Will Sugar Rise to Record with Growing Deficit? Crude Oil Fluctuates
Sugar futures rose in New York, continuing a rally to the record price in 29 years, on concern that supplies will shrink as worldwide demand exceeds production. Sugar price more than doubled in the previous year as drought in India and excess rainfalls in Brazil have cut cane yield. Analysts say that “a deficit in the sugar market will help the commodity to outperform a lot of the softs”. March futures for
Crude oil fluctuated after forecasts that temperature in the northern U.S. will rise next week. About
Orange-Juice, Copper, White Sugar Prices Rise
Copper prices jumped to the record in 16 months after a strike at the
White sugar price reached the highest level in at two decades in London on concern that flooding in Brazil may harm the crop. Analysts forecast that global sugar production will decline by 13.5 million tons in 2009–2010 season. March delivery for white sugar rose $16.10 (2.3 percent) to $726.30 per metric ton on the Liffe exchange.
