Sugar futures may jump 39 percent by August, extending the sweetener’s rally to its highest level in 30 years amid global supply shortages, Commerzbank AG said.
Ukraine exported 14.9 million metric tons of grain harvested in 2009 between the beginning of the current marketing year July 1, 2009 and Jan. 25 this year, the Agriculture Ministry reported Wednesday.
Soybeans rose the most in more than a week on speculation that this month’s slump to the lowest level 15 weeks may encourage investors to buy contracts to close out profitable bets on lower prices.
Commodities may trail last year’s performance as China’s move to curb bank lending reduces demand, said Charl Malan, who helps manage $2.3 billion at Van Eck Global Hard Assets Fund.
Wheat prices fell for the third straight session on speculation demand for U.S. grains will decline as China limits lending to slow economic growth. The Reuters/Jefferies CRB Index of 19 raw materials dropped to a five-week low. Wheat has slumped 8.8 percent this month as mounting global inventories outweigh an increase in weekly U.S. exports.
Corn fell to a 12-week low on concern that record U.S. production will overwhelm global demand as China seeks to slow economic growth. Limits on lending in China sparked a rally in the dollar, sending crude oil to a five-week low and the Reuters-Jefferies CRB Index of 19 commodities down as much as 1.1 percent. On Jan. 12, the U.S. forecast record world production, signaling ample supplies for makers of livestock feed, sweeteners and ethanol.
Wheat futures fell in the last minute of trading in Chicago, erasing earlier gains, as rising global inventories are expected to overwhelm demand for the grain.
On January 22, 2010, the Decree of the Ministry of Agriculture of Russia dd. January 21, 2010, #3-r about the beginning of public commodity interventions of maize of the harvest-2008 was promulgated.
World wheat production is expected to fall in both the 2009-10 and 2010-11 harvest periods, the International Grains Council said Thursday.
European Union cereal production is expected to be virtually unchanged at 292 million metric tons in 2010-11 compared to the previous harvest year, Strategie Grains said in its monthly report published Thursday.