Agriculture tumbled on improved harvest conditions in South America

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Source: Dukascopy Bank
Rural commodities fell on Wednesday ahead of USDA report on crop estimates due on Friday. Wheat posted loses as UN lifted its forecast on the global wheat crops to the second highest over the last decades. The estimations of the world's wheat harvest vary from 678 million tons to 682 million tons. Corn futures declined as China's rejected rumours that it plans to import record high amount of the commodity from the US. Meanwhile, sugar also tumbled along with improved harvest conditions in South America. Further, coffee futures continued to fall, approaching 16-month low but it may seek support from buying on dips.


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