Wheat jumps as China's imports may climb

Source: Dukascopy Bank SA
Farm commodities apart from sugar advanced on Friday despite weak data out of China and broadly stronger US Dollar. Grains found support on speculation that US export sales may jump due to strong demand from Asia and North Africa.

Wheat rose after China Cereal said it plans to sell 1.29 million tonnes of wheat to ease tight market conditions. The announcement raised ideas that China's last year crop was smaller than reported thus the country may increase imports.

Corn followed the wheat's trend, climbing 0.71%. The grain also continued to draw strength from USDA report, showing US corn exports hit a three-month high in the week ended February 24.

Sugar was the top-loser amid profit-taking after the sweetener soared in the previous session. Sugar climbed on Thursday on speculation Brazilian farmers may direct more cane to produce ethanol instead of sugar due to expected tax cuts.

Coffee rebounded amid producers' strikes in Colombia and spreading coffee leaf rust in Central America. However, gains were restricted on signs of ample supplies from Brazil.
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