Corn dips on a 69% drop in US exports last week

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Farm commodities were mostly lower on Friday on weak demand for US supplies and upgrades of Chinese crops. Rising exports from Ukraine and Russia dragged gains lower, while expectations for higher production in South America weighted on softs. However, broadly weaker US Dollar restricted the downswing of rural commodities.

Wheat tanked as demand for US exports continued to deteriorate. South Korea bought Australian wheat, while Russia is set to export by 2 million tons more wheat in 2012-13. Adding to the negative of the commodity, Ukraine is not likely to restrict exports in the near-term.

Corn sagged 0.75% after the USDA reported US exports dipped 69% last week. However, the fall was partly offset due to threats to corn crops in South America.

Sugar was flat, balancing between a potential decline in world's oversupply next season and demand concerns amid slowing global economy.

Coffee was the top-loser, sliding 3.71% on rising Brazil's exports. Moreover, a rebound in Colombian output pressurized coffee futures.


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