Corn surges as lower prices may spur demand

Source: Dukascopy Bank SA
Farm commodities apart from sugar moved higher on Tuesday amid broadly weaker US Dollar and speculation that lower prices will attract more demand from importers. However, eased concerns over strikes in Brazil limited gains. Brazilian government agreed to meet unions to discuss unpopular port privatization plan.

Wheat bounced off an eight-week low on talks that a recent decline in prices may boost demand from livestock producers. At the same time, improved weather conditions in the US Great Plains restricted further jump in wheat futures.

Corn rallied on hopes lower prices will result in an increase in demand from livestock and ethanol producers. According to the latest EIA report, US ethanol output jumped 1% to 797,000 barrels per day last week.

Sugar was the only loser as the International Sugar Organization upgraded its forecast for the global sweetener's surplus last week.

Coffee rebounded on speculation Brazilian government will offer growers options with a minimum price to support the industry. Moreover, talks that Guatemala, the largest producer in Central America, will see its output falling 50% this year because of coffee leaf rust sent coffee futures higher.
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