Wheat surges on US inventory concerns

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Source: Dukascopy Bank SA
Rural commodities were mixed on Monday, with grains moving higher and softs sliding. Broadly weaker US Dollar and recent USDA cuts of US grains inventory forecasts were supportive for the commodity group.

Wheat jumped the most since November on worries that US wheat inventories will fall more than expected. USDA cut its wheat stocks forecast for May 31 by 5%.

Corn rallied on speculation that record crops in Argentina and Brazil will fail to replenish global stocks after last year's drought. USDA stated global inventories would slide 12%, attaining a six-year low before Northern Hemisphere harvest.

Sugar was the top-loser after Goldman Sachs reduced its price forecast for the sweetener. Raw sugar in New York is expected to reach 18.5 cents per pound in the next three to six months compared to a previous estimate of 22 cents.

Coffee eased amid record harvest in Brazil. However, losses were limited by concerns over leaf rust, a disease that may significantly cut the next year's crop. Amecafe reported coffee leaf rust has been found in Chiapas, near the Guatemala–Mexico border.


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