Favourable weather in the US and Europe limits grains' rally

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Source: Dukascopy Bank
Rural commodities were mixed as grains moved higher while coffee and sugar declined amid stronger US dollar. Wheat was backed up by speculation that more wheat will be used as animal feed in the US because corn prices are growing. However, the upward move was blocked as favorable weather in the US Great Plaints and in Europe is likely to boost global supplies. Corn continued to seek support on the strong spot demand after inventories declined to eight-year low. Adding to the negative mood of sugar, Barclays reported it expects surplus in the market, especially after India's recent approval of more exports of the sweetener. Further, coffee may bounce off the  record lows if dry weather in Brazil continues.


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