Corn surges on South American weather concerns

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Source: Dukascopy Bank SA
Farm commodities were mixed on Tuesday, with grains extending previous gains and softs prolonging their decline. Grains continued to draw strength from recent cuts of US inventories by the USDA. At the same time, ample global supplies put notable pressure on softs.
Wheat led gains on concerns over dry weather in the US Great Plains and western Midwest. Moreover, demand for US wheat may strengthen as a recent drop in prices may attract foreign buyers and livestock producers.

Corn finished Tuesday's session in the green territory as dry weather in South America increases crop stress and may boost demand for US supplies. Argentina, Paraguay and southern Brazil are expected to witness dry weather in the next ten days, according to T-Storm Weather.

Sugar dropped amid speculation that index funds' rebalancing comes to an end. Moreover, excessive global supplies added to losses of the sweetener.

Coffee closed lower, being pressurized by expected increase in producer selling as there are still large amounts of Arabica coffee available.
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