Corn slid further on soft demand for US supplies

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Source: Dukascopy Bank SA
Farm commodities apart from coffee were bearish on Friday amid soft demand for US exports and firm greenback. Meanwhile, traders anticipated US crop progress report due on Monday and World Demand and Supply Report due on Tuesday.

Wheat dropped on falling US exports due to availability of cheaper supplies from Ukraine and Russia. Solid greenback and corn weakness also pushed wheat futures lower.

Corn was the top-loser amid sluggish demand for US grains. Corn prices were declining for the second day in a row after the USDA reported a 78% fall in US corn exports in the week ended November 29 from a week earlier.

Sugar prolonged its slump on expectations for a record surplus this year due to rising production in Brazil and India.

Coffee was the only gainer, being supported by the record extend of short positions on the market that raised a risk of short-covering.


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