Corn retreats despite rising US exports

Source: Dukascopy Bank SA
Rural commodities were mixed on Monday, with softs moving higher and grains retreating. Softs found support on fears over spreading coffee leaf rust in Central America and talks that Brazilian farmers will direct more cane to produce ethanol instead of sugar.

Wheat declined after the USDA reported that 24% of Kansas wheat crop was rated as good-excellent, compared to 23% a week ago. Moreover, MDA predicts snow in the US Midwest, which may further improve the soil moisture in the US top growing region.

Corn finished in red despite signs of solid demand for US supplies. USDA announced US exporters sold 120,000 tonnes to unknown destination.

Sugar advanced, drawing strength from talks that Brazilian farmers may take advantage of a potential tax cuts that would make it more beneficial to use cane for production of ethanol instead of sugar.

Coffee rallied amid a record number of short positions at a time when there are concerns over spreading coffee leaf rust in Central America.
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