Wheat rallies as cold weather threatens harvest

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Farm commodities apart from coffee were bullish on Friday amid escalated weather concerns in the U.S., Canada and Russia. Cold weather in the world's top growing regions threatens winter wheat crops and delays early planting.

Wheat rose for the second consecutive session as cold temperatures may damage winter crops. Moreover, a confirmation of China's wheat purchase from the U.S. continued to lend support to wheat futures.

Corn advanced as cold weather delays early sowings. Additionally, strong demand from ethanol industry in the U.S. sent corn prices higher. At the same time, concerns over a possible decline in demand from China because of bird flu restricted an upward movement of corn futures.

Sugar swung to gains, underpinned by rains in Brazil that slow a start of Brazilian harvest. However, the market outlook remains bearish amid expectations of ample global supplies.

Coffee dropped on profit-taking after previous rally. Coffee jumped on Thursday as the USDA announced about 30% of Mexican harvest may be lost because of leaf rust.
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