Soybean traders are still bullish after the USDA forecast the U.S. crop will fall to a nine-year low of 2.634 billion bushels (71.69 million tons) and global consumption will rise for a fourth straight year to a record. Fourteen of 27 people surveyed anticipate higher prices next week and seven forecast a decline. Soybeans rose 46 percent to $17.585 a bushel this year and reached a record $17.89 on Sept. 4.
Twelve of 18 traders and analysts expect raw sugar to gain next week and three were bearish. The commodity slipped 11 percent this year to 20.73 cents a pound on the ICE Futures U.S. exchange in New York.
Fifteen people surveyed said copper will rise next week and seven predicted a drop, while two were neutral. The metal for delivery in three months, the London Metal Exchange’s benchmark contract, gained 10 percent to $8,382 a ton this year.
Twenty of 29 traders and analysts surveyed said gold would rise next week, seven were bearish and two were neutral. Futures on the Comex exchange in New York added 13 percent since the start of January to $1,777.10 an ounce.
Holdings in exchange-traded products backed by the metal expanded to a record 2,492.95 tons yesterday, data compiled by Bloomberg show. Hedge funds have raised their bets on higher prices to the most in six months on expectations the U.S. will add measures to boost growth, CFTC data show.
Raw materials entered a bull market last month after rising more than 20 percent from their June low. Commodity assets under management expanded to $406 billion in July, from $390 billion a month earlier, Barclays Plc estimates.
“We’ve seen very strong commodity performance in terms of agriculture and in some oil products, but other markets have been much weaker, so overall things are leveling out,” said Kevin Norrish, a managing director for commodities research at Barclays in London. “Longer-term it’s clear that there are still plenty of investors who want to allocate to commodities.”
*T Gold survey results: Bullish: 20 Bearish: 7 Hold: 2
Copper survey results: Bullish: 15 Bearish: 7 Hold: 2
Corn survey results: Bullish: 11 Bearish: 12 Hold: 5
Soybean survey results: Bullish: 14 Bearish: 7 Hold: 6
Raw sugar survey results: Bullish: 12 Bearish: 3 Hold: 3
White sugar survey results: Bullish: 12 Bearish: 3 Hold: 3
White sugar premium results: Widen: 6 Narrow: 3 Neutral: 9