Wheat climbed on stronger demand for US supplies

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Agricultural commodities jumped on Friday amid broadly weaker greenback and strengthening demand. Meanwhile, market participants remained focused on crop reports releases from the US and weather forecasts in the top-growing regions.

Wheat rose for the third consecutive session on signs that demand for US shipments is improving as cheaper Russia's supplies started to fall.

Corn inched up after Informa Economics downgraded its forecast for US corn crops by 0.3% this season, citing severe drought in the Midwest.

Sugar bounced off two-year low on speculation that lower sweetener's prices are spurring demand for the commodity. At the same time, India's sugar output is set to rise 11% next year due to increased planting and favorable weather conditions.

Coffee was the best-performer despite high global supplies. Colombia's coffee production is likely to reach nine million bags this season due to better crop conditions. 

 

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