Grains and sugar down on ample supply, coffee up

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Source: Dukascopy Bank
Rural commodities were mostly lower on Thursday after volatile trades ahead of March contract expiration. Stronger US Dollar also weighted down on the commodity group. Sugar lost 0.64% over the day despite news of the four-year low Brazilian crops. Moreover, cut of the Russian sugar exports by 250,000 metric tons limited the losses. However, a 13% expected increase in Indian sugar output crated strong pressure on sugar futures. At the same time, grain commodities fell on the improved crop conditions in the US Great Plains region. Moreover, USDA expects global grain inventories to reach 12-year high. Coffee was the only gainer as Brazilian coffee exports last month tumbled by 43% on an annualized rate. However, the upswing is limited as world's coffee production is likely to be higher than initially projected.


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