Sugar jumps as global output may decline

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Source: Dukascopy Bank SA
Rural commodities were mixed on Friday, with softs advancing and grains retreating. Supporting softs, global coffee and sugar crops may drop this year. At the same time, weak demand for US grains pushed wheat and corn futures lower.

Wheat was the top-loser for the second consecutive session amid signs of weak demand for US grains. The USDA report showed US wheat exports tumbled 40% in the week ended January 24 on a weekly basis.

Corn retreated on soft demand for US supplies. The USDA data indicated US export sales totaled 252,000 tonnes last week, the lower range of the experts' projections. However, the downswing was capped by concerns over dry weather in Argentina.

Sugar extended previous gains on speculation that global production may decline as farmers are reducing plantings amid weak sweetener prices. India's sugar output is likely to be much lower than predicted this year and India's sugar market may even witness a deficit this year, according to Commerzbank.

Coffee moved higher on concerns over spreading leaf rust in Central America. Weaker US Dollar also supported the commodity futures.
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