Sugar fell on expectation for weaker global demand

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Source: Dukascopy Bank
Agricultural commodities slumped on Friday as impact of the recent USDA report still dominated the market sentiment.

Wheat dropped by 0.34% as US output is likely to be higher than initially estimated due to favorable weather conditions in South Great Plants. Moreover, global grain consumption is expected to post a 1% decline this year.

Corn extended previous losses after USDA reported that reserve US stockpiles are likely to more than double this year as farmers are expected to plant 20% higher crops than last year.

Sugar declined as global supplies are likely to be ample while world's demand may weaken in view of deteriorating economic situation.

Coffee futures decreased as Brazilian Arabica coffee crops are estimated to be record high during current marketing season. However, a 21% slump in Ecuador coffee exports last month limited the downswing.


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