Agriculture

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Source: Dukascopy Bank
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Rural commodities were mixed with advancing sugar and coffee and falling grains amid broadly lower US Dollar. Wheat and corn futures came under pressure as US planting conditions improved after rains and as Russia announced it would not impose any restriction on the grain exports this year. However, adverse crop conditions in the EU and drought in Brazil may create a lift for the grains. Sugar futures attempted to balance an increase in India's sugar output and a decrease in the Brazilian raw sugar production. Ample global sugar stocks also capped the upswing of the commodity. Meanwhile, coffee gained a spree as Brazilian coffee output declined by 7% in the period between October and March. However, coffee outlook remains bleak as supplies are expected to outplace demand by 1 million bags this season.

Tie between wheat and the Dow Jones-UBS Industry Metals Index (DJUBINTR) soared from 0.05 to 0.30 on the improved economic situation in the Euro Zone. At the same time, connection between wheat and sugar strengthened from 0.23 to 0.37 while its relationship with coffee advanced from 0.20 to 0.29 amid persistent drought in Brazil. Wheat's correlation with corn was steady at 0.85 whereas its alternation with EUR/USD hit minus 0.07.


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Wed, 21 Mar 2012 07:10:21 GMT

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