Corn tumbled on bearish USDA report

Source: Dukascopy Bank SA
Rural commodities were mixed on Friday amid broadly weaker US Dollar and concerns over spreading coffee leaf rust in Central America. Meanwhile, mixed US export data released by the USDA also caused grains' price correction.

Wheat climbed after the USDA report showed that US wheat export sales beat expectations, surging above 650,000 tonnes. Additionally, concerns over the US hard winter wheat crops continued to lend support to wheat futures.

Corn moved lower on signs of weak demand for US supplies. The latest USDA report indicated that US weekly corn exports attained 190,000 tonnes, below forecasts of 250,000 tonnes. At the same time, corn futures may be lifted by increasing ethanol production in the US.

Sugar prolonged its decline on ample global supplies. US domestic oversupply recently has reached 2.2 million short tonnes, a ten-year high.

Coffee was the top-gainer on fears over spreading leaf rust. Central American coffee growers need more thaUSD300 million to fight the disease that threatens to cut coffee harvest. The crop in Costa Rica may drop by 30-40% this year because of the fungus.
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