Wheat jumps despite easing US crop concerns

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Farm commodities were divided on Wednesday, with sugar and wheat moving higher and coffee and corn declining. Broadly stronger greenback and expectations that upcoming USDA report will show a drop in grains exports pushed the commodity complex lower.

Wheat ended on the positive note on hopes for better demand for US exports. Iraq and Bangladesh are seeking to buy 50,000 tonnes of wheat each. However, the upswing was capped as snow across the US central Plains improved crop conditions.

Corn slumped as experts predict a decline in the US corn exports last week. At the same time, the downward trend was limited as US ethanol output surged 15,000 barrels per day last week, beating analysts' expectations.

Sugar advanced ahead of options expiry later in the week. However, ample global supplies continued weigh on the sweetener. The price may drop below 18 cents per pound amid record cane crops in Brazil, reported F.O. Licht.

Coffee re-approached the lowest level since June 2010 amid lack of end user buying and global supply glut.
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