Cocoa popped on violent power struggles in the world's biggest cocoa producing country, the Ivory Coast, while coffee took off on lower-than-expected exports from Uganda, the second-largest African exporter. The Uganda Coffee Development Authority has lowered its export figure by 16% to 2.6 million bags in the year ending Sept. 30 from the previously expected 3.1 million bags, due to drought.
NEW YORK (TheStreet) -- The July coffee contract price was popping 2.4% to $2.8365 a pound and July cocoa was rising 0.6% to $3,074 a metric ton on supply concerns and political unrest, respectively.
Despite reports of weakening fundamental support, cotton caught the wave of the commodities upswing Wednesday, before retreating.
(Published at 11:03 am) Soybean futures were breaking a two-day losing streak as the weak dollar attracted buyers and the oil seed followed oil higher. May soybeans were rising 0.8% to $13.39 ¾ a bushel, rebounding with oil. May light sweet crude oil was rising 0.5% to $106.81 a barrel.
May corn futures were rising 0.7% to $7.57 ¾ a bushel and May wheat futures were 0.7% higher to $7.65 a bushel on expectations of a surge in Japanese grain imports, as Japan plays catch-up post-earthquake. "While Japan's immediate commodity demand will likely slow, future imports may be considerably larger than what we have seen in the past," noted MaxYield Cooperative analyst Karl Setzer. "Not only will these imports cover grain that was lost in March's earthquake and tsunami, but meat products as well."
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