Sugar declines despite signs of strong demand

Source: Dukascopy Bank SA
Rural commodities were mixed on Thursday after disappointing USDA weekly export report. Supporting the commodity group, US Dollar extended losses against its major counterparts, while cold weather in the US continued to prevent farmers from grain planning.

Wheat declined after the USDA data indicated US export sales reached 484,500 tonnes last week, down 25% from the average level of the four previous weeks. Moreover, Russia, the fifth biggest global exporter, is expected to increase wheat shipments 9% in the year through June 2014.

Corn climbed for the seventh consecutive session despite weak fundamentals. US farmers are likely to plant the most acres since 1936. Global corn output may rise 9% in 2013-14 season, while US harvest is projected to increase 30% this year.

Sugar declined despite signs of strong demand. The amount of sugar awaiting loading at Brazil's biggest ports climbed 1.7% over the past week.

Coffee slid as Brazil coffee harvest is expected to be a record high despite low-yielding crop year. Brazilian coffee output is expected to reach 42 million bags this season compared to 44 million bags last season.
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