Wheat tumbles as snow brings relief to US crops

Source: Dukascopy Bank SA
Farm commodities except for corn finished in the red territory on Monday amid improving weather conditions in the US and South America. Sending rural commodities lower, speculators continued to reduce net long positions after the USDA at its Outlook conference expressed optimism about this year's harvest.

Wheat plunged to an eight-month low as the second snowfall brought a relief to US winter crops. According to the USDA, about 23% of Kansas winter wheat was at good-to-excellent condition as for Feb. 24, compared to 20% at end-January.

Corn was the only gainer after the USDA reported it sold 127,000 tonnes of corn to unknown destinations. However, gains were limited as speculators cut their net long positions in futures and options by 65% in the last two weeks.

Sugar traded lower despite concerns over port workers' strikes in Brazil. Port workers in Santos halted the loading of softs onto boats on Friday.

Coffee declined despite strikes of port workers in Brazil. Expectations for ample global supplies and solid greenback weighed on the commodity. However, the downswing remained capped amid spreading coffee leaf rust in Central America.
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