Wheat inches up as snow delays early planting in the US

Source: Dukascopy Bank SA
Farm commodities were divided on Friday on speculation that shipping delays from Brazil will increase demand for US supplies. Moreover, abnormal weather conditions in Argentina and in the US Great Plains added to gains of grain futures.

Wheat rose on concerns that snow and wet weather in the key growing states in the US are delaying spring planting. However, the upswing was capped by weak US exports. According to the USDA, US wheat export sales declined 25% last week compared to the average level of the four previous weeks.

Corn was the top-loser on concerns that demand from livestock producers may slow. From the supply side, corn also was pressured as US farmers are preparing to boost plantings to a record high this season. US harvest is expected to surge 30% year on year in 2013-14.

Sugar edged lower despite shipping delays in Brazil and signs of strong demand. The sweetener remained under heavy selling pressure as global supplies are likely to be ample this season.

Coffee jumped on logistical bottlenecks in Brazil. The number of ships waiting at Paranagua, the second largest port in Brazil, had attained 100 on Thursday.
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