Sugar advances as USDA cuts U.S. crop estimate

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Source: Dukascopy Bank SA
Rural commodities apart from wheat moved higher on Wednesday amid mixed USDA data. The Waste showed smaller figures for domestic corn inventories but indicated bigger-than-expected global stockpiles.

Wheat was the only loser after the USDA report revealed bigger-than-expected estimate for global supplies. World's inventories before this year's Northern Hemisphere harvest are likely to attain 182.26 million metric tonnes compared to earlier forecast of 178.23 million tonnes.

Corn reached an one-week high as U.S. ethanol industry is projected to use by 1% more corn in the year ended August 31 compared to March estimate, reported the USDA. Meanwhile, U.S. corn inventories are expected total 757 million bushels, less than previous forecast of 836 million bushels.

Sugar rose as the USDA cut its domestic crop estimate. U.S. sweetener's production is expected to reach 8.98 million short tonnes in the year that began October 1 compared to a prior estimate of 9.16 million short tonnes.

Coffee climbed after the USDA said up to 30% of Mexican harvest may be hit by spreading coffee leaf rust in the 2013-14 season.
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