Wheat gained as USDA may lower supply estimates

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Source: Dukascopy Bank SA
© Scanpix/Reuters

Rural commodities were mixed on Monday amid escalated worries that spreading debt crisis in eurozone will dent demand for farm commodities. Broadly stronger US Dollar added pressure on the commodity group. Meanwhile, traders are cautious ahead of the USDA supplies report due on Thursday.

Wheat gained for the first time in three sessions on speculation that the USDA may cut global supplies estimates.

Corn was the top-loser as overseas demand for US supplies is weakening and domestic ethanol production is falling. However, the downswing was limited as Argentina's crop is expected to fall slightly this season.

Sugar prolonged its slump on signs that global supply will outweigh demand this season. Sending the sweetener lower, concerns over possible rains in Brazil eased.

Coffee rebounded but hovered near one-month low amid continuous concerns that crisis in eurozone will curb coffee consumption in the region.

 

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