Corn edged up on stronger demand for US supplies

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Farm commodities were mixed on Tuesday, with grains moving higher and softs easing down. Poor condition of the US winter wheat as well as upcoming rains in Brazil pushed rural commodities higher. At the same time, a rebound in the greenback coupled with on-going concerns over demand for US supplies created heavy pressure on the commodity group.

Wheat climbed for the second day in a row on worries that dry weather in US is likely to cut crop yields.

Corn jumped after the USDA stated that 14.3 million bushels were booked for exports last week, beating expectations. However, easing concerns over the size of the US crop as well as solid greenback capped gains in corn futures.

Sugar edged lower as the USDA announced that global sweetener's production is set to drop 1.2% by May, less than previous forecast. Moreover, inventories are likely to surge 16%, much more than expected.

Coffee slumped the most in a week after Macquarie Group stated that Brazil is expected to witness higher output next season.


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