Wheat slumped despite poor US crop condition

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Source: Dukascopy Bank SA
Farm commodities except for corn dropped on Tuesday as demand for US exports remained weak. Moreover, uncertainty over Greece as well as upcoming US budget clashes weighted on demand perspectives. At the same time, expected  rains in Brazil and poor condition of the US grains lent some support for the commodity group.

Wheat sagged 0.77% despite worries over the US winter crop. The USDA reported that only 36% of winter varieties were rated as ‘good' and ‘excellent' as for November 11, down from 39% in the previous week.

Corn was the only gainer on signs that the US farmers cut sales amid stronger demand for the commodity used as livestock feed and for biofuel production.

Sugar declined as sugar output in Brazil's Center South-region surged by annualized 73% in the second half of October, according to Unica.

Coffee plunged the most in five weeks as global supplies are expected to be abundant in the current marketing year. Inventories monitored by ICE Futures US soared 61% this year, attaining the highest level since April 2010.


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