Soft Commodities Price Watch: Soybeans Hit Three-Week High

on Aug 15, 2013
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iNVEZZ.com Thursday, August 15th: Grain futures traded higher today, with the soybean price advancing to a three-week high as investors continued to focus on weather conditions and crop prospects in the U.S., the world’s top grower of the oilseed.

Weather forecasting models point to hot and dry weather across most parts of the U.S. Midwest during the next few days, fuelling concerns over potential crop damage and lifting the soybean price. The November contract on the Chicago Board of Trade (CBOT) was 1.19 percent higher at $12.5375 a bushel as of 14:49 BST today, the highest price level since July 25.

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Elsewhere on the CBOT, the corn price for delivery in December was at $4.6600 a bushel, up 2.36 percent on the day. Among other grains, the wheat price for December delivery added 0.08 percent to $6.4325 a bushel, while milling wheat for delivery in November on NYSE Liffe in Paris rose 0.8 percent to €183.50 a metric tonne.
**Sugar Resumes Decline as Brazil’s Real Weakens**

The sugar price today resumed its decline in New York on speculation further weakening of Brazil’s real will prompt the world’s biggest producer to boost sales.
Raw sugar for October delivery fell 0.87 percent to $0.1710 a pound by 15:00 BST on ICE Futures U.S. in New York. White sugar for delivery in October gained 0.1 percent to $505 a metric tonne on NYSE Liffe in London.

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Among other soft commodities, the cocoa price for delivery in December fell 0.1 percent to $2,493 a tonne on ICE and 0.1 percent to £1,653 a tonne on NYSE Liffe. Arabica coffee for December delivery fell 1.56 percent to $1.2335 a pound in New York, while the Robusta coffee price for November delivery declined 0.3 percent to $1,919 a tonne in London.

The cotton price fell from the previous session’s two-month high amid ongoing concerns over U.S. crop conditions. The ICE contract for December delivery traded at $0.9085 a pound, 0.76 percent down on the day. 
**Stronger Yen Pushes Rubber down from 11-Week High**
The rubber price fell from its previous session’s 11-week high as the Japanese currency strengthened after a U.S. Federal Reserve official cautioned against excessive optimism over the economy.
Rubber for delivery in January on the Tokyo Commodity Exchange (TOCOM) declined as much as 1.1 percent to 263.1 yen a kilogramme ($2,693 a metric tonne) and was at 264.30 yen as of 15:10 BST today. On the Shanghai Futures Exchange, the rubber price for delivery in January gained 0.7 percent to 19,810 yuan ($3,239) a tonne.

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Cotton Soybeans Agriculture Agriculture stocks Commodity Stock Market