Hiroyuki Kikukawa News
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Crop prices dropped, led by wheat, as investors cashed in gains on speculation rains may help the winter variety recover in Kansas, the largest U.S. grower, after drought and frost damaged plants.
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Corn dropped to the lowest in more than a week on speculation that planting will accelerate in the U.S., the world’s biggest grower and exporter. Wheat and soybeans also declined.
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Gold futures tumbled the most since September 2011 in Tokyo after spot prices extended the biggest drop in 30 years and the yen strengthened against the dollar, spurring a sell-off. Silver, platinum and palladium also slid in Tokyo.
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China, the world’s largest soybean buyer, will probably import less this year as an outbreak of bird flu curbs demand for poultry, a Wilmar International Ltd. executive said. The price of the oilseed fell in Chicago.
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Corn dropped after the U.S. Department of Agriculture raised its estimate for world inventories. Soybeans declined as Wilmar International Ltd. said that China’s imports will fall as bird flu curbs feed demand.
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Rubber dropped the most in two weeks as the Japanese currency strengthened to near a one-month high, cutting the appetite for yen-based commodities.
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Soybeans traded little changed even after China, the biggest buyer, bought from U.S. exporters as investors awaited a government report this week expected to show that planting in the country may rise to a record.
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Platinum may rise 4 percent to challenge this year’s high reached in February after forming a “double bottom,” according to Hiroyuki Kikukawa of Nihon Unicom Inc.
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Rubber climbed to near a record on speculation that a price slump yesterday may lure buyers amid lingering worries over tight supply. The cash price remained at an all-time high.
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Wheat declined for a second day on speculation supply may increase from Russia and the European Union, and as commodities fell on concern that a levy on bank deposits in Cyprus may deepen Europe’s debt crisis.
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