Corn jumps as cold weather slows planting

Source: Dukascopy Bank SA
Farm commodities followed bullish trend on Wednesday as fears over Cyprus waned boosting demand for riskier assets. Moreover, signs of stronger demand for US grains as well as concerns over rain forecasts in Brazil pushed the commodity sector higher.

Wheat rallied on talks that wheat's price discount to corn may result in an increase in demand from livestock producers. Iraq and Jordan are set to issue tenders to buy wheat implying that global demand for the grain is rising.

Corn rose as colder temperatures kept an upward pressure on corn futures. Unfavourable weather conditions in Iowa, Illinois and Nebraska are preventing farmers from tilling. Additionally, an improvement in the US ethanol production supported the grain futures.

Sugar climbed as above-average and frequent rainfalls in Brazil in Q2 are likely to disrupt harvesting of this season's sugar cane crop in the Center South. Celso Oliveira reported Brazil would face rains 30% above the historical level.

Coffee inched up despite high Brazil's inventories. Currently, between 30% and 40% of the least year's harvest is still in warehouses.
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