Wheat sank amid rains in the US

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Rural commodities except for coffee slid on Friday on hopes that rain in the US will improve harvest conditions. Favorable weather in Brazil and India also weighted down on the farm commodities.

Wheat tumbled for the third consecutive session on Friday on speculation that rain will improve soil conditions in the US Great Plaints, boosting prospects for winter crops.

Corn was the top-loser amid news that US output will trail government's forecasts by 2.8% this year, according to USDA.

Sugar extended its slump as Brazilian harvest is expected to be higher than forecast. Unica reported that mills in the Centre South region harvested by annualized 14.2% more cane in the first half of August.

Coffee was the only gainer due to lower output from Nicaragua. Nicaragua coffee production was impacted by heavy rainfalls and strong winds.

 

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