Sugar fell as global supply glut is set to rise

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Rural commodities retreated on Tuesday as gloomy global outlook weighted on demand for riskier assets. Adding to the negative mood of the commodities, US Dollar was sharply higher on Tuesday, making dollar-denominated assets more expensive for foreign investors.

Wheat lost more than on per cent, posting the largest drop in a week on signs that demand for US supplies is softening. As for October 11, US accumulated exports since June plunged 11% from the same period in 2011.

Corn slid amid weak US exports as buyers shifted to cheaper grain from other suppliers. Solid US Dollar also added pressure on the commodity.

Sugar re-approached one-month low on concerns than global supplies are much higher than world's sweetener's consumption.

Coffee dropped the most in two weeks on bloated US inventories. US arabica coffee stocks touched 29-month high, according to ICE Futures US.


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Wed, 24 Oct 2012 07:18:42 GMT

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