Corn jumps on surging US export sales

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Rural commodities, excluding coffee, were bullish on Monday amid growing worries over crop condition in South America. Last week, Oil World cut its outlook on production-growth in South America, citing lack of rains in Argentina and Brazil. Moreover, stronger demand for US exports coupled with winter crop concerns lifted grain prices.

Wheat rallied on signs that US winter crop conditions deteriorated further last week. The USDA reported that only 33% of winter crop was ranked as good or excellent versus 34% last week.

Corn prolonged its rally on better demand for US supplies. Weekly USDA report indicated that US export sales surged 70% in a week ended November 15 compared to the preceding week.

Sugar rebounded despite an increase in Brazilian production. Unica stated that Brail's sugar mills crushed  41% more cane in the first two weeks of November.

Coffee sagged 1.26% on potential supply glut on the market amid increasing production in South America.


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