Sugar tanks amid ideas of bumper Brazilian harvest

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Rural commodities were mixed on Tuesday ahead of the USDA supply report due on March 28. Logistics problems in Brazil as well as unfavorable weather in Argentina and US Great Plains also were supportive for farm commodities. However, talks over bumper Brazilian crops pushed the commodity sector lower.

Wheat advanced despite speculation that investors are closing bets ahead of the USDA report that is expected to show that the country's wheat inventories declined the least compared to corn and soybeans.

Corn slid on speculation that declining US cattle herds will reduce demand from livestock producers. About 1.482 million young cattle were placed into feedlots in February, indicating a 14% annual drop. At the same time, talks that US inventories may have fallen more than expected restricted a decline in corn prices.

Sugar reached a five-week low on ideas that cane farmers in Brazil will harvest bumper crop thus increasing global oversupply. Production in Brazil Centre South is forecast to exceed the last year's record in the season that stars next month.

Coffee jumped on logistical problems in Brazilian ports. However, the upswing is limited by a looming start of Colombia harvesting.
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