Commodities futures up as weather threatens growers globally

on Thursday, June 28, 2012

Commodities futures up as weather threatens growers globallyThe Standard & Poor's GSCI gauge of 24 commodities recently increased 0.8 percent to 577, being sparked by cocoa and sugar, which experienced jumps in stocks.

Cocoa and sugar were forecast to struggle as a result of the wet weather in West Africa hurting the crops, driving futures up, according to Reuters.

According to an AccuWeather report cited by Reuters, rain across the Ivory Coast, which is the largest area for cocoa growers, and also affecting Nigeria and Cameroon, is expected to be 0.2 inches to 0.7 inches daily.

Raw sugar futures also increased, ending June 27 up more than 4 percent recently following concern about near-term supplies in Brazil, which is the top growing country for sugar.

Bloomberg recently reported that corn is seeing an increase in futures, jumping 2 to 4 cents a bushel on the Chicago Board of Trade on June 27 following hot and dry weather conditions in the Midwest region of the United States that threaten the crop.

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