Soft Commodities Price Watch: Grains Rebound with U.S. Crop Prospects in Focus

on Jun 25, 2013
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iNVEZZ.com Tuesday, June 25th: Reversing yesterday’s downward trend, U.S. grain futures have gained today as investors continued to focus on U.S. weather conditions and crop prospects.

According to weather forecasts provider DTN, showers in the Midwest, the largest U.S. grain growing region, may be mostly above normal in the next five days, raising the risk that not all the intended grain and soybean acreage would be planted and further boosting prices.
On the Chicago Board of Trade (CBOT), the corn price for September delivery traded at $5.8313 a bushel, up 0.65 percent on the day, while the December contract was up 0.78 percent at $5.5075 as of 12:40 GMT.

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The U.S. Department of Agriculture’s (USDA) weekly crop progress report has shown that
96 percent of the U.S. corn crop was collected as of June 23, below the five-year average of 99 percent for this time of year and the 100 percent collected during the same week a year earlier.

Elsewhere on the CBOT, the wheat price for September delivery traded at $6.9425 a bushel, up 0.9 percent on the day. The USDA has said that approximately 20 percent of the U.S. winter wheat crop was harvested as of last week, compared to the five-year average of 37 percent for this time of year and below the 63 percent recorded in the same week a year earlier. Ninety-six percent of the spring-wheat crop was planted as of last week, below the 100 percent in the same week a year earlier and the 99 percent average for this time of the year.

Chicago soybeans have also rebounded today. The August contract traded at $14.2475 a bushel, up 0.3 percent on the day, while the soybean price for November delivery gained 0.69 percent to $12.825 a bushel.
!m[Concerns of Limited Supply Lift Sugar to Three-Month High](/uploads/story/3388/thumbs/pic_1_inline.jpg)
According to the USDA data, 92 percent of the U.S. soy crop was planted as of last week. Nearly 99 percent of the U.S. soy crop was planted in the same week a year earlier while the five-year average for this time of year is 95 percent. Eighty-one percent of the U.S. soybean crop emerged as of last week, compared to the five-year average of 89 percent for this time of the year and below the 98 percent recorded in the same week a year earlier.

***Sugar at Three-Month High***
White, or refined, sugar has climbed to a three-month high in London on speculation about limited supplies that can be delivered to NYSE Liffe when the August contract expires next month.
White sugar for August delivery has jumped 1.3 percent to $517.50 a tonne by 10:55 GMT on NYSE Liffe, after climbing to $518.50 a tonne earlier, the highest since March 26. The raw sugar price for delivery in October has gained 0.8 percent to $0.1728 a pound on ICE Futures U.S. in New York.
Elsewhere on the ICE, the Arabica coffee price for delivery in September has gained 0.7 percent to $1.21 a pound. Robusta coffee for September delivery has added 0.1 percent to $1,763 a tonne on NYSE Liffe. Cocoa for September delivery has been unchanged at £1,428 a tonne in London, while in New York the commodity has climbed 0.3 percent to $2,155 a tonne.
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