Corn drops amid weak US exports

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Source: Dukascopy Bank SA
Rural commodities tumbled on Thursday on mounting concerns that US budget clashes will slow economic expansion thus eroding demand for farm commodities. Broadly stronger US Dollar in combination with falling demand for US exports created notable pressure on the commodity group.

Wheat slid as demand for US exports continued to deteriorate. USDA reported that US wheat export sales attained 309,700 metric tonnes in the week ended December 6, compared with 538,000 metric tonnes in the same period in 2011.

Corn dipped as US exports sales reached 258,400 metric tonnes in the week ended December 6, 71% less than in the previous year. Meanwhile, experts claim that China's stocks are at record levels and are sufficient to meet domestic demand.

Sugar stood at 28-month low on expectations for a record Brazil's output. Production in Brazil Centre South in the year starting April 1 is likely to soar to all-time high. Moreover, last week, Kingsman SA raised its forecast for global surplus by 26%.

Coffee approached the lowest mark since June 2010 amid favorable weather in Brazil and a rebound in Mexican and Colombian production.


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