Corn dipped after USDA report on US exports

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/Reuters
Farm commodities were mixed in post-holiday trade on Wednesday. Improved risk sentiment due to hopes for US fiscal deadlock resolution was supportive for rural commodities. At the same time, weak US export data weighted on grains.

Wheat was the top-loser after the USDA reported that US exports dropped 9.1% to reach the lowest level since 2009 in the week ended December 20. However, speculation that a fall in prices will attract importers from the Middle East limited the downswing.

Corn slumped on signs of weak demand for US supplies. US corn inspected for export dipped 18% in the week ended December 20 from a week earlier. US exports tumbled 66% year on year last week, according to the USDA.

Sugar moved higher despite ample global supplies and rising refined sugar exports from India.

Coffee was the top-performer on recent Barclays' comments that Brazilian harvest will be lower next year due to low-yielding crop cycle. The bank also highlighted high potential for short-covering after a recent drop in Arabica coffee prices.


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