Coffee surged as rainfalls may return to Brazil

Source: Dukascopy Bank SA
Rural commodities surged on Tuesday as crop-damaging drought is expected to persist next week in the US. At the same time rainfalls in Brazil continued to dampen harvest prospects in the top coffee and sugar grower.

Wheat approached 10-month high on US supply worries. However, the upward trend was capped after Ukraine announced it does not plan to restrict wheat exports in 2012-13 crop year.

Corn was top-performer, rising to the highest level in nine months after Telvent DTN Meteorologists announced that hot and dry weather is likely to remain next week.

Sugar climbed 4.62% as Brazilian supplies are expected to stay limited because of persistent rains in the country.

Coffee attained six-week high on potential fall in Brazil's coffee production as harvest-hampering rains are expected to return next weekend, according to Somar Meteorologia.
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