Sugar dips as global surplus concerns weigh

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Source: Dukascopy Bank SA
Farm commodities followed a downward trend on Thursday on broadly stronger US Dollar. Moreover, favorable weather conditions in the EU, Russia and Ukraine weighed on grains. Bearish USDA export data and anticipation of Wasde report due on Friday also pushed the commodity group lower.

Wheat dipped after FAO reported the EU winter crop conditions are favorable. FAO added crop conditions in Russia and Ukraine also are satisfactory. Meanwhile, US export sales were in line with expectations last week.

Corn plunged as US exports continued to disappoint. According to the USDA report, US corn exports reached 160,000 tonnes last week, much less than expected.

Sugar edged lower as global market is expected to witness surplus for the third consecutive year. World's output is likely to exceed demand by six million metric tonnes in the year starting April 1.

Coffee tumbled on escalating worries over ample global supplies. Brazilian harvest is expected to reach last year's record despite entering low-yielding biennial crop cycle. Colombian harvest may soar 30% year on year in 2013.
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