Wheat slides ahead of weekly USDA report

Source: Dukascopy Bank SA
Rural commodities except for corn retreated on Thursday on expectations of a decline in the US grain exports. Meanwhile, ample global supplies weighed on softs. Solid greenback and better weather conditions in the US also pushed farm commodities lower.

Wheat declined on easing concerns over persistent drought in the US Great Plains. Experts predict the US winter wheat area to witness some moisture this weekend. Moreover, expectations that US exports dropped by over 13% year on year in the period between June 1 and January 10 pressurized wheat futures.

Corn was the only gainer after the data showed US ethanol production rose by eight barrels per day to 792,000 last week. However, the upswing was limited by speculation that the upcoming USDA report will show a decline in export sales.

Sugar edged lower after estimates indicated US domestic supply glut reached a ten-year high. Stocks approached 2.2 million short tonnes, the most since 2000.

Coffee declined to a two-week low on a potential increase in supplies from Brazil. Brazilian farmers sold only 60% of the current year's harvest by December 31 compared with 76% a year earlier, reported Cecafe
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