Wheat rose on signs of strong global demand

Source: Dukascopy Bank SA
Farm commodities except for wheat declined on Wednesday amid talks rains improved crop conditions in the US Great Plains. Furthermore, concerns over global supply glut weighed on softs.

Wheat was the only rural commodity to post gains amid talks that cheaper prices will encourage livestock producers to use wheat instead of corn. Wheat also received a boost after Iraq issued a tender to buy 50,000 tonnes of the grain.

Corn sagged 0.56% after reports that US ethanol production fell 8,000 barrels per day last week. However, the downswing was restricted by ideas that US sowings may decline to 95 million acres from the previous forecast of 99.3 million acres.

Sugar eased on profit-taking after a sharp rally last week. The sweetener soared last week on talks that Brazilian farmers may use more cane to produce ethanol instead of sugar due to possible changes in the country taxation on biofuel.

Coffee slumped to a one-week low as US stockpiles surged to the highest level in three years. Coffee stocks at ICE Futures US warehouses reached 2.71 million bags on Wednesday, the most since spring 2010.
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