Sudakshina Unnikrishnan News
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Improving weather is allaying concern that a dry spell in Brazil and floods in Argentina may pare output of corn and soybeans used to feed Marfrig Alimentos SA’s and BRF-Brasil Foods SA’ poultry and hogs.
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Grain prices that tumbled in recent weeks may rebound as demand stays robust while global stockpiles tighten after drought hurt crops from the U.S. to Russia.
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The worst monsoon in India in three years is hurting the sugar-cane crop, stoking concern that the world’s biggest consumer may restrict exports to cool the highest domestic prices in 19 months.
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U.S. government estimates for wheat harvests in Russia, Kazakhstan and the European Union may be too high as adverse weather spurs “widespread production downgrades,” Barclays Plc said.
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Commodities rose to the highest in two years, led by agriculture futures, after a U.S. Department of Agriculture report last week showed corn production in the country would decline more than expected by analysts.
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Stockpiles of the biggest crops will decline for a third year as drought parches fields across three continents, raising food-import costs already forecast by the United Nations to reach a near-record $1.24 trillion.
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Corn may outperform wheat, soybeans and cotton in the three months to June as imports by China double, according to Barclays Capital.
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Sugar, cocoa and coffee may extend declines as farmers increased production to take advantage of higher prices, according to Barclays Capital.
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Corn and soybean traders are bullish for a 15th consecutive week on speculation that the drought spreading across fields in the U.S. will spur the government to make more cuts to its production forecasts.
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Commodities are poised to enter a bull market led by surging grain futures amid the worst U.S. drought in half a century and on mounting optimism growth in the U.S. and stimulus from China will boost demand.
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