Corn soared after USDA revised its estimates

Source: Dukascopy Bank SA
Farm commodities except for sugar were bullish on Friday after closely-watched USDA monthly report on the US and world's grain supplies. Moreover, deteriorating weather conditions in the US Great Plains lifted wheat prices. Coffee continued to draw strength from worries over spreading coffee leaf rust in Central America.

Wheat inched up as GFS weather model continued to show lower than previously expected amount of rainfall in the US Great Plains. Pushing wheat futures lower, the USDA raised its estimate for the US inventories by 25 million bushels and global stocks by 1.5 million tonnes for 2012-13.

 Corn was the top gainer after the USDA unexpectedly left unchanged its estimate for domestic stocks. Moreover, corn was boosted by strong demand potential from poultry producers. US chicken exports soared by annualized 4.1% in January.

Sugar retreated on profit-taking after previous rally. On Thursday, Sugar futures jumped on worries that logistics problems in Brazil may delay shipments.

Coffee extended gains as market participants continued to monitor situation in Central America to gauge crop losses caused by coffee leaf rust.
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