Soft Commodities Price Watch: Soybeans Set for Biggest Weekly Gain in a Year

on Aug 16, 2013
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iNVEZZ.com Friday, August 16th: The soybean price is headed for its biggest weekly gain in more than a year after data showed a rise in unplanted acres in the U.S., the largest grower of the oilseed, and dry weather boosted crop concerns.

According to the U.S. Department of Agriculture (USDA), about 1.619 million acres of land originally slated for soybeans were left unplanted this year, compared to 159,579 in 2012. In addition, Commodity Weather Group yesterday said that dry weather will keep lowering the soybean yield potential.
These factors have boosted the price of the oilseed and the contract for November delivery on the Chicago Board of Trade (CBOT) today gained as much as 0.5 percent to $12.72 a bushel, the highest price since July 23. The soybean futures are set for a 6.9 percent weekly advance, the most since the five days ended July 20, 2012.

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Elsewhere on the CBOT, the corn price for delivery in December has fallen 0.7 percent to $4.6875 a bushel after rising 3.7 percent yesterday. Futures are poised for a weekly advance of 3.4 percent, ending four weeks of losses. Among other grains, the wheat price for December delivery has lost 0.2 percent to $6.485 a bushel today.
**Possible Crop Damage Boosts Cocoa Futures**

The cocoa price rebounded today on speculation that dry weather in West Africa, the world’s main growing region, will damage the crop.
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According to MDA Weather Services, while some rain may fall in the northern cocoa areas of Ivory Coast, the crop belt will remain mostly dry. This forecast has triggered a rise in the price of the commodity in New York.

Cocoa for December delivery on ICE Futures U.S was 0.97 percent higher at $2,509 a metric tonne as of 15:00 BST today. The NYSE Liffe contract for delivery in the same month, however, fell 0.2 percent to £1,648 a tonne.
Among other soft commodities, raw sugar for October delivery in New York was 0.41 percent down at $0.1712 a pound, while the white sugar price for delivery in the same month rose 0.4 percent to $506.60 a tonne in London. Elsewhere, Arabica coffee for December delivery slid 0.68 percent to $1.2385 a pound on ICE. The Robusta coffee price for delivery in November fell 0.3 percent to $1,912 a tonne on NYSE Liffe.

**Rubber Slows Weekly Advance**
The rubber price today declined for a second straight day, decreasing its second consecutive weekly gain, as the Japanese currency strengthened against the dollar ahead of data expected to add to signs of improvement in the U.S. economy.
Rubber for delivery in January on the Tokyo Commodity Exchange (TOCOM) fell as much as 1.1 percent to 261.6 yen a kilogramme ($2,685 a metric tonne) today. Futures have gained 1.1 percent this week, paring this year’s loss to 13 percent.

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Soybeans Agriculture Agriculture stocks Commodity Stock Market