Corn moved higher on falling US inventories

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Farm commodities apart from sugar were bullish last week amid lingering concerns over the US winter-wheat crops and increased demand for US supplies. Weaker greenback also supported rural commodities.

Wheat surged to almost one-month high on concerns than persistent drought in the US and Australia as well as winter-kill in Russia may significantly cut global supplies. Agriculture Ministry reported about 9% of land planted with winter grains in Russia was affected by the winter-kill.

Corn rallied on speculation that Brazilian harvest in 2012-13 marketing year will be lower as many growers switched to soybean, according to Safras & Mercado. Moreover, expectations that US corn inventories will reach a 17-year low on August 31 continued to support corn prices.

Sugar was the top-loser amid ample global supplies. However, an increase in China's demand limited losses of the sweetener.

Coffee climbed on escalated concerns that leaf rust will cut crops in Central America. Capping gains, Brazil witnessed rains after weeks of drier-than-normal weather. Rains are likely to boost coffee crops of the world's top producer.
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Tue, 22 Jan 2013 09:44:05 GMT

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