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Wheat dipped after the USDA cut its outlook on US wheat exports in 2012-13, citing tough competition on international market. Adding pressure on the commodity, the USDA revised upward its estimate of world's inventories by 1.6%.
Corn was underpinned by dismal US ethanol production data. US ethanol output dropped 11,000 barrels per day on a weekly basis. Moreover, an increased competition from Brazil weighted on the US export sales prospects.
Sugar tanked to 28-month low on signs of oversupply on the market. Brazil's production is expected to climb almost 5% in the year started March 1, stated Conab. Meanwhile, China's output jumped by annualized 47% in November.
Coffee was the top-loser as favorable weather is likely to boost Brazilian crops. Depressing coffee prices further, Mexican coffee exports advanced 41% year-on-year last month, reported the national association of coffee growers.