Wheat continues its slump on USDA data

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Source: Dukascopy Bank SA
Farm commodities finished in red on Tuesday as bearish USDA report released last week continued to weigh on the commodity group. Moreover, prospects of sufficient global supplies added pressure on rural commodities.

Wheat extended losses as sentiment remained weak after the USDA report showed inventories totaled 1.23 billion bushels in the beginning of March compared to expectations of 1.17 billion bushels. Limiting the downswing, only 34% of the US wheat crop was rated as good or excellent last week, the lowest rating in 11 years.

Corn plunged 7.88% to reach the lowest level since June as market players sold the commodity after the USDA report. The USDA said corn stocks had totaled 5.39 billion bushels as for March 1, above the market consensus of 4.99 billion bushels. Meanwhile, investors anticipated the report on US ethanol production due on Wednesday.

Sugar and Coffee slid as expectations of a record Brazilian crop continued to push the commodities lower. Coffee output in Brazil is expected to increase to a record of 63 million bags next year from 54 million bags this year.
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