Wheat advanced on US drought, brighter import prospects

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Source: Dukascopy Bank SA
Rural commodities, excluding coffee, advanced on Wednesday as dismal US data was easily offset by continuation of easing measures by the Fed. Weak US Dollar coupled with unfavorable US weather were supportive for farm commodities.

Wheat surged on signs of improving import demand across the globe and poor prospects for this year's crops. National Weather Service reported no rains were expected in the next week in the southern US Great Plains, raising concerns over the US winter wheat crops.

Corn climbed despite weak fundamentals. US ethanol production dropped by 22,000 barrels per day, the largest decline since the record began in 2010. Also weighing were increased US ethanol inventories.

Sugar rose on speculation that Brazil will direct more cane to produce ethanol after Petroleo Brasileiro, the largest state-run energy corporation, announced it would lift gasoline price at refineries by 6.6%.

Coffee was the only loser on profit-taking after previous rally. Coffee soared over the last four trading days on concerns that leaf rust will reduce crops in Central America.
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Thu, 31 Jan 2013 09:56:04 GMT

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