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Corn Futures Sink to Multimonth Low on Better Crop Conditions
Corn futures fell to a five-month low after wetter forecasts and an unexpected improvement in U.S. crop conditions. Soybean and wheat contracts also dropped.
Rainy weather in the Midwest this week is expected to significantly improve moisture in corn and soybean growing states like Iowa, said MDA Weather Services. Concerns about dryness and crop stress in the western Corn Belt in recent weeks prompted some rallies in the futures market.
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Sugar, Cocoa, Coffee Slip on Weak Demand, Currency Moves -- Market Talk
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12:13 ET - Soft commodities are down across the board. Sugar is down 2.15% at 13.22 cents a pound, London cocoa is down 2.28% at GBP1,459 a ton, and New York arabica coffee is down 3.36% at $1.32 a pound. A lack of bullish news combines with a stronger dollar to drag prices lower. A lack of bullish news and bearish trader positioning -- revealed in data put out Monday -- are both hurting coffee prices. As for sugar, traders are re-focusing on lacklustre fundamendals after a speculative and currency driven rally during July. Sugar may have found its floor for the moment thanks to rains invading southern Brazil which may potentially dilute the sucrose content of the cane according to The PRICE Futures Group's Jack Scoville. (email@example.com; @davidhodari)
Bulk Carrier Crew Evacuated Over Fertilizer Danger -- Market Talk
1845 GMT - The crew of a bulk carrier has been evacuated in Spain's Canary Islands after rising temperatures were detected in the vessel's cargo of ammonium nitrate-based fertilizer. The 57,000 tonne Cheshire, owned by the UK's Bibby Line, was sailing from Norway to Thailand and denied entry at Las Palmas for security reasons. All 20 crew members were taken to another vessel and professional salvors, Resolve Marine, was hired to cool the cargo. Besides being used in fertilizer, ammonium nitrate can be used in explosive devices like bombs. (firstname.lastname@example.org)
Livestock Futures Pop After Sluggish Start to Week
Livestock futures bounced, reversing course after starting the week lower.
Most-active October live cattle futures rose 2.3% to $1.0905 a pound, nearing the top of their daily trading band late in Tuesday's session.
(END) Dow Jones Newswires
August 15, 2017 17:56 ET (21:56 GMT)