Sugar slumps as Brazil resumes planting

Source: Dukascopy Bank SA
Rural commodities except for corn posted sharp losses on Tuesday despite improved demand for risky assets and weaker greenback. Rain forecasts in the US as well as better weather conditions in Brazil put notable pressure on the commodity complex.

Wheat declined on speculation that rains in the US may improve prospects of drought-stricken crops. Furthermore, profit-taking after a sharp increase in price in the five previous sessions weighed on wheat futures.

Corn was the only commodity in the group to finish in green as drier-than-normal weather in South America threatens to reduce crops.

Sugar declined as planting in Brazil Center South is expected to resume this week as weather conditions improved. Moreover, concerns over ample global supplies continued to weigh on the sweetener.

Coffee slumped as a recent increase in prices provoked growers to sell some of their stocks left after large 2012 harvest. Meanwhile, coffee may seek support from spreading coffee left rust in Central America. Costa Rica reported that over a half of its harvest may be lost because of disease if plants are untreated.
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