Soft Commodities Price Watch: Soybeans Retreat after Rally

on Sep 4, 2013
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iNVEZZ.com Wednesday, September 4th: Grain futures today traded lower, with soybeans falling after their biggest rally in a week, as a report showed a less-than-expected worsening of crops due to hot, dry weather in the U.S., the world’s biggest producer.

The U.S. Department of Agriculture (USDA) yesterday said in a report based on a survey of the 18 biggest growing states that an estimated 54 percent of the soybean crop was in good or excellent condition last week, down from 58 percent on August 25. The corn crop was rated 56 percent good to excellent, down from 59 percent a week ago.
Soybeans for delivery in November today fell as much as 1.6 percent to $13.6525 a bushel on the Chicago Board of Trade (CBOT) and traded at $13.7500 at 15:00 BST. The contract yesterday gained 2.2 percent, the most since August 26, on speculation that lack of rain in the past 30 days has worsened prospects for yields.

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The wheat price for delivery in December dropped as much as 0.6 percent to $6.4325 a bushel before trading at $6.4575 as of 15:09 BST, while the corn price was $4.7225 a bushel after hitting a session low of $4.6725 a bushel. Both grains fell to their lowest price levels since August 23.
**Robusta Coffee Declines**
Robusta coffee price today declined on speculation harvesting in top producer Vietnam will start early, boosting supplies.

“Vietnam now expects their harvest to begin earlier than normal, by as much as three weeks in some areas, with a small amount of product already being harvested,” Bloomberg quoted Sterling Smith, a futures specialist at Citigroup Inc. in Chicago, as writing in an e-mailed report.
!m[Robusta Coffee Declines as Vietnam Harvest May Start Early](/uploads/story/5289/thumbs/pic1_inline.jpg)

The Robusta coffee price for November delivery on NYSE Liffe in London was down 0.2 percent at $1,781 a tonne as of 11:56 BST. Arabica coffee for delivery in December on ICE Futures U.S. in New York has gained 0.47 percent to $1.1775 a pound by 15:17 BST.
Among other soft commodities, the cocoa price for delivery in December advanced 0.41 percent to $2,428 a tonne in New York and was unchanged at £1,613 a tonne in London.
The raw sugar price for delivery in October on ICE was 0.18 percent down at $0.1644 a pound as of 15:20 BST, while white sugar for delivery in October on NYSE Liffe traded 0.2 percent lower at $478 a tonne.

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Soybeans Agriculture Agriculture stocks Commodity Stock Market