Additionally, wheat was rising with other commodities on speculation that Greece is making progress in debt-reduction discussions. The European leaders agreed about sanctions on countries with high budget deficit.

Wheat price climbed from $6.4475 to $6.6625 per bushel as of 21:24 GMT today on CBoT after reaching $6.6750 — the highest since January 3.
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Returning worries about the debt crisis in the European Union also hurt the commodities. European leaders were meeting yesterday at summit in Brussels. Investors are concerned that previously planned measures won’t be enough to contain spread of the problems across the eurozone.

Corn traded near $6.3200 per bushel today as of 00:43 GMT on CBoT, following the slump from $6.3925 to $6.3200 yesterday. Soybeans traded at $11.8900 per bushel today after falling from $12.1425 to $11.8525.
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Earlier, the agricultural commodity reached the highest price since November as European NYSE-monitored stockpiles fell 1.8 percent since January 9. Additionally, concerns that dry weather in Ivory Coast will hurt output were boosting prices.

Cocoa closed at $2,361 per metric ton on ICE, falling from the opening of $2,452. Intraday, the price reached $2,480 — the highest level since November 14.
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Earlier, the agricultural commodities were rising as adverse weather posed threat to crops in South America. Nevertheless, the estimates of the USDA showed that lower supply from the region will be mostly offset by production in other parts of the world.

Wheat slipped from $6.4125 to $6.0500 per bushel as of 23:47 GMT today on CBoT. Corn tumbled from $6.5125 to $6.1150 per bushel, while soybeans fell from $11.9775 to $11.7350 per bushel today.
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The continuing drought in Brazil and Argentina is worse than forecasters previously estimated and yield may be lower than was anticipated. The US Department of Agriculture predicted that Argentina will harvest 29 million metric tons of corn and 52 million tons of soybeans.

The problems in the European Union reduced demands for commodities, including corn and soybeans. A report of the European Commission showed that the economic sentiment in the eurozone declined.

Corn closed at $6.4350 per bushel on CBoT today after opening at $6.4200 and climbing to $6.4950. Soybeans fell from $11.9800 per bushel to close at $11.8852, following the advance to $12.0900.
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Oil declined as concerns about the European debt crisis intensified. The European Central Bank boosted lending to banks of the eurozone, spurring speculation that the European financial system is failing. February futures for crude oil delivery dropped $1.98 to $99.36 per barrel on NYMEX. Brent crude declined from $109.06 to 107.41 per barrel today on ICE after falling earlier to $106.77.
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The US Department of Agriculture estimated that the world production will grow 4.8 percent to 867.5 million metric tons in the 2011–12 season. The global stockpiles will shrink by just 0.8 percent, demonstrating the smallest drop in three years. The output from the United States is expected to decline by 1.1 percent, by the growth of the production in other parts of the world, including the European Union and Russia, should surpass the predicted drop. Supply is rising as farmers reacted to the record prices this year by boosting production.

Corn prices advanced yesterday on the speculation that adverse weather in South America would hurt crops in South America and would increase demand for supplies from the USA. The prices reached the highest level since November 17.

Corn spot price was down from $6.1550 to $6.1450 per bushel as of 3:27 GMT today on CBoT. Yesterday, the price jumped from $6.0575 to $6.1675, while the daily high was $6.1900. The prices reached the record level of $7.9975 on June 10.
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Coffee fell as inventories grew. ICE-monitored stockpiles rose for the fifth consecutive week and have increased 20 percent since November 1. The prices may still rebound as the forecast of the US Department of Agriculture showed that the balance of supply and demand may result in deficit. Coffee prices declined from $2.1340 to $2.1095 per pound on ICE.
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Brazil is holding the worlds leadership in sugarcane growing with about 37 percent share of the global industry. News of the decreased sugarcane crops in this country due to the bad weather conditions have inspired the market last Friday. Now the seeds of these speculations have fallen on a fertile soil of the global market optimism.

German Bundestag approved the extra rights for the European Financial Stability Facility — the eurozone bail-out fund. The new functions will include buying bonds on the secondary markets, recapitalization of the banks and issuing the precautionary credits. This will most likely help to contain the European debt crisis, increasing the global demand for commodities.

The US statistics played its role in the rise of sugar prices today — last week’s unemployment claims turned out to be about 7 percent lower than the median forecast of the economic strategists was showing. Additionally, the second quarter of 2011 GDP growth figure was revised positively in the United States. These factors added to the reasons for the bull markets today.

Sugar futures contracts with September 30 delivery rose from $25.62 to $27.08 for 112 pounds or about 5.7 percent as of 17:47 GMT today. The highest intraday level was at $27.64 — commodity’s maximum price since September 21.
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Harvest in the US was threatened by drought. Recent rains in parts of the Midwest eased concerns about the current harvest and planting of winter wheat.

The government newspaper Rossiyskaya Gazeta reported today that Russia may harvest more than 90 million metric tons of wheat. Wheat profited from the ban of exports by Russia last year, but as the nation ended the ban the grain is under pressure.

December settlement for wheat slipped $0.0425 (0.5 percent) to $7.9075 per bushel as of 13:15 on CBoT.
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Rubber erased some of its losses as the threat of adverse weather reducing supplies from Thailand overshadowed concerns about possible slowdown of the global economic growth. 60 percent of Thailand’s south received heavy rainfalls. Rubber is still down over the trading session as the yen strengthened, reducing attractiveness of commodities prices in the Japanese currency, and oil fell 1 percent to $86.70 per barrel. January delivery for rubber subtracted 1 percent to 33,745 yuan ($5,283) per metric ton on Shanghai Futures Exchange.
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Amount of precipitation in some parts of the US was only quarter compared to the normal for this part of the year. Crops were already harmed by adverse weather in the second part of the last year. The US Department of Agriculture predicts output of hard, red-winter wheat may shrink 22 percent, compared to the previous year, to 794.4 million bushels as a result.

Futures for delivery of wheat in December gained $0.0725 (1 percent) to $7.5925 per bushel as of 10:31 on CBoT after it earlier reached $7.6775, the highest price for a most-active contract since June 14. Over the year wheat rose 8 percent.
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