Tobias Merath News
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Corn futures fell from a four-week high on speculation that U.S. farmers boosted sales of grain harvested in 2012 and that drier weather will help ease planting delays for this year’s crop. Soybeans also dropped, while wheat rose.
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Sugar futures in New York dropped to a five-week low and prices in London fell on speculation Brazil’s new crop will add to stockpiles. Cocoa declined.
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Credit Suisse Group AG’s private banking unit raised its price forecasts for arabica coffee traded in New York, saying prices have found a bottom.
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Cocoa demand will rise by a “moderate” 2 percent to 3 percent this season, according to Credit Suisse Group AG’s private banking unit.
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Stocks, bonds and commodities posted monthly declines for the first time since the end of the financial crisis in February 2009, dragged down by concern Greece will default and signs economies are slowing.
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Oil for July delivery in New York is weakening relative to London contracts as inventories at the U.S. storage hub rise to record levels.
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Oil gained for a second day in New York on signs that the economic recovery is accelerating in the U.S., the world’s biggest energy consumer.
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Oil rose for the first time in four days in New York after U.S. stockpiles declined unexpectedly and political leaders in the world’s biggest crude consumer expressed optimism about agreeing on a federal budget.
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At a time when Goldman Sachs Group Inc. and Credit Suisse Group AG are predicting the bear market in commodities will end, a gauge of prices for raw materials from cow hides to steel is extending the longest slump since it presaged the global recession in 2008.
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Credit Suisse Group AG cut its 3- month and 12-month price forecasts for raw-sugar, arabica coffee and cocoa traded on ICE Futures U.S. in New York.
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