Sugar moves higher on possible tax change in Brazil

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Source: Dukascopy Bank SA
Farm commodities apart from coffee were bullish on Monday, being supported by Wasde report released on Friday. Moreover, signs of robust demand for grains from livestock producers as well as talks over a change in Brazilian taxes on biofuel sent rural commodities higher.

Wheat climbed despite brighter prospects for the US winter crops. Over 27% of the US winter wheat was rated as good or excellent this week, up from 24% a week ago, reported the USDA. Corn rallied as the USDA unexpectedly left unchanged its estimate for domestic inventories.

Corn stockpiles before the next harvest are likely to fall to a 17-year low as demand from livestock produces erodes inventories.

Sugar inched up on ideas that Brazilian farmers may direct more cane to produce ethanol instead of sugar due to possible change in ethanol taxes.

Coffee was the only loser amid profit-taking after previous gains. On Friday, coffee futures rose on concerns over possible reduction in Central American harvest because of coffee leaf rust.
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