Sugar climbed after Unica crop report

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Source: Dukascopy Bank SA
Farm commodities apart from sugar dropped on Friday amid broadly stronger US Dollar and upward revisions of the global crop estimates. Meanwhile, global economic uncertainty continued to weight on demand prospects.

Wheat was the top-loser after the USDA raised its forecast on the US ending stocks to 1774.18 million tonnes, above market consensus. However, an expected drop in Ukraine exports limited losses in wheat futures.

Corn inched down after the USDA raised slightly less than expected its US fall's harvest forecast. Meanwhile, weak demand for US supplies continued to weight on the commodity.

Sugar was the only gainer after Unica raised concerns over upcoming rains in Brazil Centre South. Meanwhile, Unica announced that sugar production was running ahead of that in the previous marketing year.

Coffee moved lower as global supplies are expected to be ample as Brazil enters high-yielding biennial crop cycle this year.


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