Grains were firm on the South American harvest conditions

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Source: Dukascopy Bank
Rural commodities apart from coffee were higher on Friday despite stronger US Dollar and weaker equities. Grain commodities drew strength from rallying soybean futures that hit five-month high on the lingering concerns over South America's crop conditions. Moreover, wheat and corn were supported by the sustainable demand from China for US grains. Further, expected fall in the Russia's wheat exports also stimulated growth in the wheat price. Grain prices may be bolstered by the strike of Argentine's dock workers. Sugar continued to show resilience to the ample world's crop forecasts and posted a 0.44% gain. Meanwhile, coffee futures tumbled as global Arabica coffee output is likely to be higher than previous forecast.


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