S & P GSCI tracked Material Decline Losses by Corn

20.19 | Comments (0)

Corn fell by 6.3% since midle January 2012, while cotton fell to more than 1 years on May 2012. Gross domestic product...

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Prices of corn advanced the most in more than two weeks on speculation that U.S. farmers may switch some acreage to soybeans, and as import demand may increase after futures dropped to a four-month low yesterday.

In July corn delivery advanced as much as 1.4 percent to $6.025 a bushel on the Chicago Board of Trade, the biggest intraday gain for the most active contract since April 3, and last traded at $6.02 at 11:08 a.m. Singapore time. Futures fell to $5.9175 yesterday, the lowest level since Dec. 19.

Soybeans for July delivery rose 0.7 percent to $14.23 a bushel. Wheat for delivery in the same month gained 1 percent to $6.2175 a bushel.

Corn Processing Industry Association Korea issued a tender to buy as much as 55,000 metric tons of corn for food production to arrive by Aug. 25, according to a notice to suppliers, a copy of which was e-mailed to Bloomberg News today. The group will hold the bidding at 5 p.m. Seoul time today, the notice showed.

Farmers told the government last month that they plan to cut soybean planting 1.4 percent to 73.9 million acres, the lowest level in five years. Soybean acres will rise 2 million to 2.5 million from what the government said in March as farmers plant more on winter-wheat fields, and some corn is switched to the oilseed, Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said yesterday. Farmers are expected to increase corn sowing by 4.3 percent to 95.864 million acres this year, the most since 1937, the USDA said on March 30.

Speculation that farmers may plant more soybeans over corn “could be a reason, but for now, it’s a bit too early,” Lynette Tan, an analyst with Phillip Futures Pte., said by phone from Singapore today. “This is more of bargain-hunting” after prices fell below $6 yesterday, she said.

Grain prices in March 2012 in Java and Sumatra around Rp.3000-Rp.4000

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Grain prices March 2012 in Banyumas and Cilacap, Central Java (Java), dropped, as it enters the harvest season.At the farm level, the...

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Coffee Futures Arabica Rebound, World Coffee Demand Remain Farms

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Coffee futures of Arabica may rebound to as high as $2 a pound by year-end as global stockpiles tighten, world demand remains...

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Soybean Rebound on Speculation, Argentina Boost Soybean Export

05.21 | Comments (1)

Soybeans rebounded from one-week lows on speculation that declining production in Argentina will boost demand for U.S. exports.Soybean output in Argentina, the...

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Precious Metal Decline Energy and Gas Prices Rebound in March 2012

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Precious metal prices decline, silver was the biggest loser at 3.09% while natural gas posted the most gains at 1.21%. Base metals...

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Global Cotton Commodity Prices Shot Up, March 2012 Delivery Rose

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Global prices of the cotton commodity shot up after India, the second largest exporter of cotton, imposed ban on the commodity.According to...

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