Soft Commodities Price Watch: Grains Extend Declines

on Aug 30, 2013
Listen Friday, August 30th: Agricultural futures were broadly lower today, with soybeans falling for a second day in Chicago, narrowing a monthly gain, as predictions for rain in parts of the U.S. Midwest eased concerns that heat and dryness in the region may hurt yields.

According to National Weather Service data, areas of central Indiana and Ohio may see 2.5 centimetres of rain or more through September 2, while moisture will be less further west. The weather forecaster has added that much of the central and northern Midwest, including areas of top producers Iowa and Illinois, had had less than half of the normal amount of rain in the past 60 days.

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The soybean price for delivery in November on the Chicago Board of Trade (CBOT) has slid 1.13 percent to $13.5300 a bushel by 12:47 BST. The oilseed is still up 12 percent this month, the most since July 2012, on concerns that crops delayed by wet weather earlier this year will be damaged by dry weather now or an early frost in the next few weeks.
Paring this week’s gain to 1.6 percent and leaving the most-active contract little changed this month, the corn price for December delivery in Chicago was also down today, falling 1.04 percent to $4.765 a bushel by 13:06 BST.

As of the same time, the wheat price for delivery in December was 0.19 percent lower at $6.530 a bushel. The grain is headed for a 1.7 percent decline this month. In afternoon Paris trading, milling wheat
for delivery in November fell 0.7 percent to €187 a metric tonne on NYSE Liffe.
**Cocoa Drops on West Africa Rain Forecast**
Cocoa today declined for a second day in New York and London as top producers Ivory Coast and Ghana are forecast to have the most rain since June this weekend.

By 13:18 BST, the cocoa price for December delivery on ICE Futures U.S. has declined 0.62 percent to $2,464 a metric tonne. The contract slid 0.4 percent to £1,641 a tonne in London.
Among other soft commodities, the raw sugar price for October delivery on ICE was 0.12 percent down at $0.1633 a pound as of 13:23 BST, while white sugar for the same month of delivery was down 0.5 percent at $474.30 a tonne on NYSE Liffe.

By that time, Arabica coffee for delivery in December has added 0.13 percent to $1.1780 a pound in New York, while Robusta coffee for November delivery has risen 0.3 percent to $1,769 a tonne in London.
!m[Rubber Set for Biggest Monthly Gain This Year ](/uploads/story/5213/thumbs/pic1_inline.jpg)
**Rubber Set for Biggest Monthly Gain**
Rubber is headed for the biggest monthly advance since December, as economic data from Japan to the U.S. are showing signs of improvement, boosting demand for the commodity used in tires.
Rubber for delivery in February on the Tokyo Commodity Exchange (TOCOM) today gained as much as 0.8 percent to 274.1 yen a kilogramme ($2,790 a metric tonne) and was at 269.20 yen at 13:29 BST. Futures climbed 1.2 percent this week and 13 percent in August.


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