Wheat climbs on US weather concerns

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Source: Dukascopy Bank SA
Farm commodities except for sugar jumped in holiday-thinned Monday's session despite weak risk-appetite among traders amid US fiscal concerns. Short-covering as well as drier-than-normal weather in Brazil created an upward trend for rural commodities.

Wheat climbed on speculation that rains and snow in the US Great Plains will not be sufficient to boost crops that are struggling with drought. However, weak demand for US supplies limited gains of the grain.

Corn gained on slightly worse-than-expected weather conditions in South America. Signs of better demand from commercial buyers due to lower prices also sent corn futures higher.

Sugar was the only loser on reports of high export order in India. Additionally, oversupply on the physical market continued to weight on the sweetener.

Coffee advanced despite ample global supplies. Coffee was boosted after Barclays highlighted lower Brazilian harvest next year and high potential of short-covering.


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