Soft Commodities Price Watch: Soybeans Fall to 17-Month Low
iNVEZZ.com Wednesday, July 31st: Grain futures were mixed today, with soybean prices falling as investors focused on improving U.S. weather and crop prospects in the U.S. growing regions.
Weather forecasts pointed to favourable temperatures across most parts of the U.S. Midwest and Great Plains during the next few days, easing concerns over potential crop damage and sending the soybean price to a 17-month low. The future for September delivery on the Chicago Board of Trade (CBOT) fell to $12.3750 a bushel today, the lowest level since February 2012. Meanwhile, the November contract dropped to $11.9425, the lowest for a most-active contract since January 2012, but gained some ground later during the day, standing 0.19 percent higher at $12.2052 a bushel at 14:53 BST.
The corn price was also down today, with the December contract falling 0.5 percent to $4.7525 a bushel, set for a seven percent decline this month. Bloomberg reported today that according to technical analysis by INTL FCStone, corn may extend its slump this year bellow $4.50 a bushel, reaching its cheapest level since 2010.
Elsewhere on the CBOT, the wheat price rose for a fourth day in Chicago on signs demand is increasing from importers after prices slid. Wheat for September delivery traded at $6.5763 a bushel today, up 0.35 percent. Meanwhile, milling wheat for November delivery on NYSE Liffe in Paris gained 0.1 percent to €187.75 a tonne, heading for a 3.1 percent drop this month.
**White Sugar Up for Fifth Day in London**
White, or refined, sugar climbed for a fifth day in London today, the longest winning streak in more than four months, on concern supplies that can be delivered when the October futures expire will be limited. According to the London-based International Sugar Organisation, sugar supplies will outpace demand by 3.5 million tonnes in the 2013-14 season starting in October. That follows a record surplus of 10 million tonnes in 2012-13.
!m[White Sugar Advances on Limited Supply for Delivery](/uploads/story/4485/thumbs/pic1_inline.jpg)
White sugar for October delivery was 0.2 percent higher at $490.10 a tonne on NYSE Liffe in London today, while raw sugar for delivery in October slid one percent to $0.1676 a pound on ICE Futures U.S. in New York.
Among other soft commodities, Robusta coffee for delivery in September declined 0.2 percent to $1,872 a tonne on NYSE Liffe, while Arabica coffee for delivery in September fell 0.5 percent to $1.1975 a pound on ICE. Elsewhere, cocoa for September delivery was 0.5 percent higher at £1,555 a tonne in London, while the contract for delivery in the same month in New York gained 0.5 percent to $2,298 a tonne.
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