Sugar drops on bright outlook on Australian crops

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Rural commodities moved lower on Monday despite softer greenback. Grains came under selling pressure in wake of slowing demand for US supplies while softs extended the decline amid global oversupply concerns.

Wheat attained three-week low on signs that demand for US grains is weakening. Iraq bought 350,000 metric tonnes from Australia and Romania, shunning US wheat. Meanwhile, US exports dived by annualized 12% in the period between June 1 and November 29.

Corn tumbled to three-week low amid slowing demand for US supplies. As for November 29, sales of US corn for delivery before August 31 were 46% lower than a year earlier.

Sugar plummeted as Australia maintained its sugar crop estimate at 4.5 million metric tonnes for the year that started July 1. The country's crop rebounded due to larger planting area and higher sugar yields.

Coffee plunged on worries that supply will outplace demand in the next season due to rising Brazil's production. Brazil coffee output may climb by annualized 2.2% next season despite low-yielding cycle.


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