Corn tumbled on record high Russia's crop estimate

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Source: Dukascopy Bank
Rural commodities have continued to follow weather forecasts and crops estimates upgrades in the major planting regions.

Sugar advanced by 0.52%, indicating sweetener's resilience to the expectations for oversupply in the market as India, Indonesia, Australia and Thailand raised harvest estimates for the current marketing season.

Wheat tumbled as excellent weather conditions in the main growing areas in the US, the Midwest and Great Plants booted harvest prospects. Moreover, India expects total wheat output to surpass government's target of 88.31 million tons.

Coffee continued its bearish trend as 26% drop in Colombia coffee output will be offset by Brazilian and Indian harvests.

Corn declined as US planning goes ahead of five-year moving average coupled with expected record high Russia's grain crops added to the pessimistic mood of the commodity.


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