Sugar rose as more cane may be used for ethanol production

Source: Dukascopy Bank SA
Farm commodities were mixed on Thursday amid broadly weaker US Dollar and unfavorable weather conditions in Argentina. Rising ethanol prices as well as uncertainty over Central American coffee crop supported softs. At the same time, improved weather in the US as well as weak demand for US exports sent grains lower.

Wheat dropped after the USDA data showed U.S. wheat-export sales declined 316,000 metric tonnes last week compared to 828,624 in the prior week. Putting pressure on prices, rains in the US Great Plains may improve crop conditions.

Corn slumped on concerns that bird flu in China may hit meat demand thus reducing feed orders. However, losses were limited as unfavorable weather conditions in Argentina are slowing corn harvest.

Sugar jumped on ideas that Brazilian farmers may use more cane for biofuel production due to rising ethanol prices.

Coffee was steady, balancing between a potential fall in Central American harvest because of spreading leaf rust and prospects of a record Brazilian crop.
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