Corn advances on falling US inventories

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Farm commodities, excluding wheat, jumped on Thursday, tracking gains of other risk assets after stronger-than-expected Chinese trade data. Farm commodities also found support on soft greenback. Meanwhile, investors continued to await closely-watched USDA global supply report due on Friday.

Wheat was the only loser on speculation that the USDA may announce that winter seeding soared to a nine-year high between September and November 2012. However, the downswing was restricted by signs of better demand for US exports. On Thursday, Egypt agreed to buy 55,000 tonnes of US wheat.

Corn rose on signs that US supplies are falling at the fastest pace in 17 years as drought damage exceeds forecasts and a recent decline in prices stimulates demand from livestock producers. On December 1, US inventories were 15% lower than a year earlier, reaching the smallest post-harvest level in nine years.

Sugar and Coffee were the top-performers, being boosted by ongoing rebalancing of the index funds. However, ample global supplies continued to weigh on softs. Brazil expects to export by 9.5% more Arabica coffee in 2013 compared with a year earlier, reported Cecafe.


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Fri, 11 Jan 2013 10:25:52 GMT

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