Soft Commodities Price Watch: Grains Down Ahead of U.S Planting Progress Data
Grain futures have fallen today, June 24, with market players expecting the release of the U.S. Department of Agriculture’s (USDA) weekly update on planting progress later in the day. Grain prices have been struggling also due to a broadly stronger U.S. dollar underpinned by the U.S Federal Reserve’s intention to slow down the pace of its bond-buying programme.
On the Chicago Board of Trade (CBOT) the corn price for December delivery traded 1.71 percent down at 5.4675 a bushel as of 12:50 GMT. The September contract shed as much as two percent to $5.7988 a bushel, the lowest level since June 25, 2012.
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The wheat price for September delivery was also down, declining 0.78 percent to $6.9950 a bushel. Earlier during the day, the contract fell by as much as one percent, hitting a session low of $6.9788 a bushel.
Elsewhere on the CBOT, the soybean price declined to its lowest level in almost four weeks. Soybeans for November delivery lost as much as 1.4 percent to $12.56 a bushel, the lowest price for that contract since May 28, and were at $12.59 at 13:06 GMT.
**Sugar Soars to Five-Week High**
While grains have been trading lower, soft commodities on the ICE Futures U.S. Exchange, have been mostly higher today with the sugar price climbing to a five-week high amid concerns the global sugar surplus could fall to a four-year low due to growing demand for ethanol in Brazil, the world’s leading sugar producer.
The sugar price for October delivery at 13:21 GMT stood at $0.1704 a pound, up 0.65 percent on the day, after rising by as much as 1.3 percent earlier in the day to hit a session high of $0.1716 a pound — the strongest value since May 24.
The Arabica coffee price for September delivery traded at $1.2025 a pound, up 0.88 percent on the day, while the cocoa price climbed 0.09 percent to $21.53 a tonne.
Elsewhere on the ICE, cotton futures for December delivery traded at $0.8476 a pound, up 0.15 percent on the day. The contract fell by as much as 1.7 percent earlier in the session to hit a daily low of $0.8416 a pound, the weakest level since June 6, as cotton traders also looked ahead to the release of the USDA’s weekly update on planting progress.
**Rubber Price Falls on China Demand Concerns**
Rubber has also declined today amid concerns that demand may weaken from China, the world’s largest consumer of the commodity used in tires.
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The contract for delivery in November on the Tokyo Commodity Exchange (TOCOM) fell as much as 1.3 percent to 233.3 yen a kilogram, extending losses for this month to nine percent and nearing the nine-month low of 228 yen a kilogram reached on June 21.
Rubber futures in Shanghai traded near the lowest level in more than three years. The contract for September delivery on the Shanghai Futures Exchange declined 1.4 percent to 17,255 yuan a tonne. It slid to 17,000 yuan on June 21, the lowest level since 2009.
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