Soft Commodities Price Watch: Soybeans Down on Warm Weather Forecast

on Aug 14, 2013
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iNVEZZ.com Wednesday, August 14th: Grain futures were mostly lower today, with soybeans falling on speculation that warmer weather expected next week in the U.S., the world’s biggest grower of the oilseed, will aid crop development amid expectations of record-high production.

According to AccuWeather, the U.S. Midwest may become “significantly” warmer by the middle of next week, with high temperatures in Chicago jumping as much as 10 degrees Fahrenheit (5.6 degrees Celsius) within a week. This forecast has weighed on the soybean price for delivery in November on the Chicago Board of Trade (CBOT). The contract has declined 0.61 percent to $12.185 a bushel by 14:33 BST.

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Elsewhere on the CBOT, the corn price for delivery in December has added 0.17 percent to $4.4800 a bushel, after slumping as much as 3.9 percent yesterday to $4.4575 — the lowest price level since September 2010.
Among other grains, the wheat price for December delivery dropped 0.16 percent to $6.4050 a bushel today. Milling wheat for delivery in November on NYSE Liffe in Paris declined 1.1 percent to €181.75 a tonne, after reaching €181.25, the lowest level since December 2011.

!m[Cocoa Rebounds, while Rubber Hits 11-Week High on Weaker Yen ](/uploads/story/4825/thumbs/pic-1_inline.jpg)
**Cocoa Rebounds on Dry Weather Concerns**
The cocoa price today rebounded in London on signs that an extended dry period in West Africa, the world’s main growing region, could reduce yields for the next crop.

According to MDA Weather Services, rain in the cocoa-growing areas of top producers Ivory Coast and Ghana will be sparse throughout the week. The forecast has fuelled an increase in the cocoa price and the December contract has risen 1.67 percent to $2,499 a metric tonne by 14:42 on ICE Futures U.S. in New York and 0.9 percent to £1,653 a metric tonne on NYSE Liffe in London.

By the same time today, the raw sugar price for October delivery on ICE has slipped 0.2 percent to $0.1722 a pound, while the white sugar contract for delivery in the same month in London has climbed 0.2 percent to $504 a tonne.
Among other soft commodities, Arabica coffee for December delivery in New York has advanced 01.41 percent to $1.2230 a pound by 14:47 BST. Elsewhere, the Robusta coffee price for November delivery in London was little changed at $1,907 a tonne.

**Rubber Climbs to 11-Week High as Yen Weakens**
Rubber advanced to the highest level in 11 weeks as a weakening Japanese currency made yen-based contracts more attractive and new data yesterday added to signs the global economy is improving.
Rubber for delivery in January on the Tokyo Commodity Exchange (TOCOM) rose as much as 1.5 percent to 269 yen a kilogramme ($2,739 a metric tonne), the highest level for a most-active contract since May 29. On the Shanghai Futures Exchange, the rubber price for delivery in January was little changed at 19,860 yuan ($3,244) a tonne.

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