Corn prolongs slump as USDA may raise stocks forecast

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Source: Dukascopy Bank SA
Farm commodities apart from wheat extended previous losses on Wednesday as investors focused on Wasde report due out on Friday. Speculation that USDA will revise up its grain inventory forecasts created heavy pressure on the commodity complex.

Wheat was the only gainer after weather forecasts showed rains expected this weekend are likely to miss the US main growing areas. However, weak demand for US exports and caution ahead of Wasde report capped gains.

Corn plummeted for fifth day in a row on speculation the USDA may raise its forecast for US stockpiles. US inventories may total 616 million bushels on August 31, compared to 602 million projected last month.

Sugar led losses in the commodity sector, sagging 2% on expectations of a third consecutive global supply glut. Global sugar production may exceed consumption by six million metric tonnes in the year starting April 1, reported Macquarie Group.

Coffee reached the lowest level in more than two years on concerns supply will outplace demand amid record crop in Brazil. Brazilian production is likely to jump 7.3% year on year in 12 months that started October 1.
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