Agricultural commodities were mixed on Wednesday, with grains climbing and coffee and sugar slumping. Broadly weaker US Dollar and stimulus measures in Japan boosted market sentiment.
Wheat rose as Morocco is likely to suspend all wheat taxes starting from October as commodity price on the international market remains high. However, news that Ukraine will not impose wheat export restrictions capped the upswing.
Corn advanced on hopes that slightly lower prices will attract more importers and investors. Restricting upswing of the commodity, record harvest in Brazil may ease world's supply concerns.
Sugar dropped as global supplies may beat forecasts. The sweetener's output is likely to exceed demand by 8.043 million MT compared to June's forecast of 7.07 million MT, reported Green Pool Commodity Specialists Pty.
Coffee erased previous gains on news that Latin American coffee exports rose by annualized 2.7% last month.