Corn edged up despite better weather in Argentina

Source: Dukascopy Bank SA
Farm commodities were mixed on Thursday amid weak risk appetite after dismal data from the US and Japan. Signs of soft demand for US exports and improving weather conditions in Argentina also pressurized the commodity complex.

Wheat was the top-loser after the USDA report signaled US export sales tumbled 40% in the week ended January 24 compared to the previous week. Limiting the downswing, the USDA now expects Argentina's crop to reach 11 million tonnes compared to Argentina's government estimate of 15.45 million tonnes.

Corn inched up despite weak US export data. Corn exports approached 252,000 tonnes, the lower range of analysts' forecasts. Adding pressure, Argentine is expected to witness rains that may improve prospects for drought-stricken crops.

Sugar advanced on speculation the sweetener's output may fall for the first time since 2009 as farmers across the globe reduce plantings after the largest price decline since 1999. Global output is likely to attain 165 million metric tonnes in 2013-14, compared to 172.3 million metric tonnes in 2012-13.

Coffee declined despite concerns over spreading coffee leaf rust in Central America.
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