The floods in Pakistan and the drought in Thailand also contribute to the better outlook of the rice futures at least for the next few weeks. While wheat rose by about 100 percent since June this year, rice dropped about 1/4 of its price, resulting in the widest price gap since early 2008 for these two commodities. The traders believe that the current price may go up by almost a third by the end of the year and suggest looking at supply as the main moving factor. If the weather continues to press on, the rice will continue to rally.

September rice futures is trading near $11.27 per 100 pounds as of 15:37 GMT on CBoT. It rose from $10.94 or more than 3 percent today.
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Cocoa futures fell in New York on the speculation that candy-makers may cut their purchases until prices will drop. The prices previously have rose on slower exports from Ivory Coast, then later dropped on the outlook for the good harvest. May delivery for cocoa retreated $37 (1.2 percent) to $2,953 per metric ton on ICE.

Cotton futures reached the highest price in more than a week after the weaker dollar spurred the demand for some commodities. The falling greenback and tight supply of the fiber are leading to a fairly strong demand. May delivery for cotton climbed $0.011 (1.3 percent) to $0.826 per pound as of 11:36 on ICE.
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Wheat fell on concern that a rising dollar will cut appeal of the U.S. supplies and as good weather conditions resulted in the favorable outlook for the winter crop in Kansas. The greenback rebounded 0.7 percent versus a basket of six major currencies. The government report showed that inventories may reach 27.2 million metric tons by May 31st, the highest level since 1988. May futures for wheat delivery slid $0.045 (0.9 percent) to $4.8075 per bushel by 11:45 on the Chicago Board of Trade.
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Sugar futures dropped to the weekly low on speculation that world demand will decline. Analysts say that with increasing global inventories “the bulls will lose their opportunity for a strong rally”. May futures for raw-sugar delivery dropped $0.0062 (2.8 percent) to $0.2157 per pound on ICE.

Copper prices slid on concern that demand for the industrial metal will decline in China with stalled economic recovery. Earlier the metal fluctuated, following the dollar and the U.S. equities. May futures for copper delivery slid $0.007 (0.2 percent) to $3.4105 per pound on NYMEX.
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Corn advanced on speculation that excessive rainfall may harm crops in Argentina. Price is supported by combination of a falling dollar, adverse weather and improving world stock markets, as well as by farmers, who are holding crops for higher prices. May futures for corn delivery jumped $0.0525 (1.4 percent) to $3.8675 per bushel in Chicago.

Gold may rise to $1,162 per ounce, according to technical analysis, in case prices hold above $1,135 level. The precious metal advanced 3.6 percent this year. Gold traded at $1,136.45 by 10:44 in London.
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Cotton price reached the highest level since July 2008 on signs that the dollar will decline, increasing the demand for commodities as a hedge against inflation. The dollar dropped 0.2 percent versus a basket of six major currencies before rebounding. May futures for cotton delivery advanced $0.0037 (0.5 percent) to $0.7648 per pound as of 11:28 on ICE.

White sugar declined in London today as technicals signal that further drops may lie ahead. Prices also slid as the dollar rebounded, curbing appeal of commodities priced in U.S. currency. May delivery for white sugar slipped $10 (1.4 percent) to $704 per metric ton on the Liffe exchange.
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Crude oil fluctuated as the dollar rebounded versus the euro, equities rose more than predicted and on speculation about the global economic recovery. U.S. Energy Department reported that U.S. supplies of crude oil rose 1.73 million barrels last week. March delivery for crude oil dropped $0.18 to $76.83 per barrel as of 10:53 on NYMEX.

Cattle futures tumbled from a 15-month record as U.S. wholesale prices for the meat reached a highest in four-weeks, signaling that retailers may slow purchases of beef. Wholesale choice beef rose 0.6 percent to $1.4486 per pound, the highest price since January 20th, as cold weather in the U.S. reduced cattle-weight gains and diminished beef supplies. April delivery for cattle futures subtracted $0.002 to $0.91975 per pound at 11:23 on CME.
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Cocoa advanced to the highest in five weeks in New York on speculation that global consumption may exceed world output. Holidays, like Valentine’s Day, create more demand for the chocolate ingredient. May futures for cocoa delivery added $58 (1.9 percent) to $3,098 per ton at 11:20 on ICE.

Gold rose to a weekly high in New York as economic recovery spurred appeal of commodities as an alternative investment. Demand for the precious metal as a safe haven was also boosted after the European Union meeting hadn’t provide details about helping Greece with its debt crisis. April futures for gold delivery rose $18.50 (1.7 percent) to $1,094.80 per ounce as of 11:50 on NYMEX.
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Wheat prices went down in Chicago as oversees buyers moved to cheaper supplies. U.S. grain was considered overpriced as wheat from Russia, France and Kazakhstan was sold to Egypt for $174.90 per metric ton, while U.S. wheat was priced at $184.91 per ton. March futures for wheat delivery dropped $0.025 (0.5 percent) to $4.7325 per bushel on CBoT.
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Wheat futures tumbled in Chicago on forecast that dollar will advance, curbing the demand for U.S. grain as an alternative investment. The dollar rose 0.5 percent versus a basket of six major currencies today, the first gain this week. Some speculators may begin selling commodities which they purchased when dollar was weak. March futures for wheat delivery subtracted $0.0875 (1.8 percent) to $4.785 per bushel as of 9:59 on CBoT.
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Wheat futures slid as the stronger dollar made supplies from the U.S., the largest producer of the grain in the world, less appealing to overseas buyers. The dollar gained 0.5 percent versus the basket of six major currencies. March futures for wheat delivery lost $0.045 (0.9 percent) to $4.825 per bushel at 10:20 on CBoT.

Gold fell in London as the dollar gained, decreasing the metal’s attractiveness as an alternative store of value. The dollar rose on concern that demand for European assets will decrease with Greece’s fiscal problems spreading further, while the U.S. economy advanced more than expected last quarter. Immediate delivery for gold slipped $8.17 (0.8 percent) to $1,078.93 per ounce by 15:17.
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