Wheat soars on US export data; FAO comments cut gains

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Source: Dukascopy Bank SA
Rural commodities ended Thursday's session on the positive note, being supported by weakness in the US Dollar and improved demand for risky assets. Bullish USDA export report supported grains, while logistics problems in Brazilian ports pushed softs higher.

Wheat rallied after the USDA report showed US export beat estimates last week. However, gains were cut as the FAO raised its forecast for global wheat supplies. Global output is expected to rise 4.3% on an annual basis this season.

Corn reached a one-week high on talks the US government may reduce its forecast for global supply. Moreover, bottlenecks are delaying shipments from Brazil, creating a supply risk premium for the commodity.

Sugar surged amid concerns over supply delays from Brazil. The sweetener also was boosted by speculation that Brazilian farmers will direct more cane to produce ethanol instead of sugar due to a possible tax cuts on biofuel.

Coffee rose on worries over logistics problems in Brazil. Pushing coffee futures higher, investors continued to monitor situation in Central America where coffee leaf rust threatens crops.
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