Soft Commodities Price Watch: Corn Extends Losses

iNVEZZ.com Thursday, June 27th: Agricultural futures were little changed yesterday in Chicago but today most grains edged higher with market players readjusting positions before the crop acreage update by the U.S. Department of Agriculture’s (USDA), to be released tomorrow at 12 p.m. in Washington.

Amid broadly higher grains market, corn extended losses today, heading for its longest losing streak since November 15. The corn price for delivery in December fell as much as 0.5 percent to $5.4125 a bushel on the Chicago Board of Trade (CBOT), and was at $5.4175 at 13:14 GMT. The contract has been falling for six days now on expectations of record-high output.

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Corn yields may average 156 bushels an acre this year, the third-highest on record, according to Bill Gary, the president of Commodity Information Systems in Oklahoma City, a company providing analysis and information to traders. That would boost production to an all-time high of 13.62 billion bushels from 10.78 billion bushels last year.

Elsewhere on the CBOT, the wheat price for September delivery traded 0.48 percent higher at $6.8025 a bushel at 12:50 GMT today, after reaching a session high of $6.8250 a bushel. The soybean price was also up today, with a marginal gain of 0.25 percent. The oilseed for November delivery traded at 12.79.25p at 13:30 GMT today.
**Sugar Falls**
Industry group Unica said yesterday that output from crushing cane from the Centre South region in Brazil where some 90 percent of the country’s total sugar production comes from, had climbed 30 percent in the first half of June and 51 percent so far this season over the same period a year earlier. Sugar fell in New York after Unica released its report. Unica also said that prices have dropped 11 percent this year.

!m[Sugar Falls on Report of Higher Output in Brazil](/uploads/story/3477/thumbs/pic1_inline.jpg)
Raw sugar for October delivery fell 0.4 percent to $0.1727 a pound on ICE Futures U.S. in New York today. The cocoa price for September delivery declined 0.46 percent to $2,155 a metric tonne. Arabica coffee for September delivery traded at $1.1910 a pound, up 0.65 percent on the day.

ICE cotton for December delivery traded little changed at $0.8374 a pound. The December contract fell to a three-week low of $0.8305 a pound on Tuesday. The cotton price has been on a downward trend in recent sessions amid mounting concerns over a slowdown in demand from top consumer China.
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