Corn rallies on unfavorable US weather

Source: Dukascopy Bank SA
Farm commodities were mixed on Tuesday ahead of the USDA monthly Wasde report due on Wednesday. Growing fears over unfavorable weather conditions in the U.S. were supportive for the commodity complex. However, profit taking as well as forecasts of strong harvest this year weighed on rural commodities.

Wheat dropped as the market awaits confirmation of China's wheat purchases from the U.S. Moreover, ideas that the USDA report may show higher global inventories due to large U.S. stocks depressed wheat prices.

Corn jumped the most in a month on talks the U.S. farmers are withholding grain after prices neared a nine-month low. Boosting corn futures, cold weather in the U.S. delays sowings. Heavy rains are expected across the Midwest on Wednesday, while northwest and southern regions may face cool weather this week.

Sugar went up despite forecasts of a record Brazilian crop. Conab expects output from Brazilian main Centre South region in 2013-14 season at 39.2 million tonnes, a jump of 5 million tonnes year on year.

Coffee extended its losses on rising exports from Brazil and Colombia. On March, Brazilian and Colombian exports climbed by annualized 12% and 11%, respectively
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Wed, 10 Apr 2013 14:50:34 GMT

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