Wheat rises on strengthening demand for US supplies

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Source: Dukascopy Bank SA
Farm commodities were mixed on Friday, with grains climbing and softs retreating. Rural commodities balanced between bullish USDA weekly export report and rising output in Brazil. Meanwhile, market players remained focused on weather forecasts in the key growing regions to gauge global supply potential.

Wheat rose on better demand for US supplies. USDA reported that weekly wheat exports climbed 10% as for November 15.

Corn jumped after weekly USDA export report showed that corn export sales skyrocketed 70% in a week ended November 15 on a weekly basis.

Sugar was the top-loser on expected oversupply on the market due to rising supplies from Brazil.

Coffee dropped on signs of increasing production in Brazil. Coffee output in Brazil is likely to approach 55.9 million bags in the year that began July 1, compared to an output of 49.2 million bags a year earlier, according to USDA.


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