Sugar dips as global surplus may be larger-than-expected

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Source: Dukascopy Bank SA
Farm commodities apart from coffee dived on Thursday amid weak demand for risky assets after dismal numbers from the US and Eurozone. Moreover, solid greenback and improving weather conditions in the US Great Plains pushed rural commodities lower.

Wheat traded lower, approaching the lowest level in eight months as heavy snowfalls in Kansas improved prospects for drought-stricken crops. Capping losses, USDA reported it sold 110,000 tonnes of wheat to unknown importer.

Corn dipped on talks US farmers are planning to plant the most corn in more than eight decades after drought curbed US harvest last year . Moreover, rising exports from India added pressure on corn futures.

Sugar slid on report that world's surplus will be larger than forecast amid soaring production in Brazil. The International Sugar Organization said global surplus may attain 40.3 million tonnes in 12 months started October 1 that is by 38% more than estimated in November.

Coffee posted a mild gain, gaining inspiration from talks that Central America's harvest may be severely hit by spreading coffee leaf rust.
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Fri, 22 Feb 2013 11:59:03 GMT

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