Coffee rallies amid index funds' rebalancing

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Source: Dukascopy Bank SA
Farm commodities jumped on Friday after closely-watched USDA global supply report showed a fall in the US grain inventories after the worst drought since the 1930s. Meanwhile, ongoing index funds' rebalancing sent softs higher. Soft US Dollar also was supportive for rural commodities.

Wheat gained after the USDA slashed its forecast for US reserves for the end of the current marketing year on May 31 by 5%. US wheat stocks are now expected to reach a four-year low of 716 million bushels.

Corn rose after the USDA reduced its estimate for US inventories. The forecast of the US stocks was lowered by 45 million bushels to the lowest level in 17 years. Moreover, US consumption was hiked by 300 million bushels. However, gains were partly offset as the USDA predicted US exports were likely to hit a 41-year low in 2012-13.

Sugar and Coffee continued their winning streak on ongoing index funds' reweighting and weak US Dollar. However, ample global supplies due to large South American harvest capped gains of softs.


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