Wheat extended losses amid favorable weather in the US

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Source: Dukascopy Bank
Agricultural commodities were mostly lower on Wednesday along with stronger US dollar and favorable weather conditions in the US.

Wheat continued its tumble as wet and warm weather conditions in the US are likely to bolster harvest prospects and may result in oversupply in the market.

Corn dropped after the USDA reported that Brazilian corn crops are expected to be higher by 68 MT in the current marketing season.

Sugar lost about 3% despite ABN Amro Bank's announcement that the sweetener's price is likely to remain above 20 cents per pound as adverse weather conditions in Brazil may curb sugar production.

Coffee extended the previous rally as fears about looming frosts in Brazil during the Arabica coffee harvest persisted.


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