Wheat slumps as US stocks may be higher than forecast

Source: Dukascopy Bank SA
Rural commodities tumbled on Tuesday on weak demand for riskier assets amid political instability in the single currency union. Moreover, speculation that weather conditions in the US and Argentina may improve weighted on the grains. Ample global supplies also put pressure on farm commodities.

Wheat sagged 0.72% on speculation that US inventories may be higher than predicted. US wheat stockpiles are likely to be one million bushel higher than estimated by the USDA. The USDA will update its forecasts on February 8.

Corn finished in red territory on signs of vanishing demand for US grains. US corn exports tumbled to the lowest mark since July 2003 in the week ended January 25.

Sugar was the top loser despite speculation that a recent decline in the sweetener's prices may prompt Brazilian farmers to use cane for producing ethanol instead of sugar. Brazil ethanol output may increase 14% in 2013-24 marketing year that starts in April, reported Copersucar SA.

 Coffee retreated despite expectations of a decline in Brazil's and Vietnam's production. According to Hackett Financial Advisors, coffee market may even swing to deficit of two million bags in 12 months starting October 1.
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