Wheat gains on signs of stronger import demand

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Rural commodities except for wheat moved lower on Tuesday amid weak demand for US supplies. Grain and oilseed markets were dragged down by a cancellation of 420,000 tonnes of soybean orders from the US. Meanwhile, rising coffee and sugar production in Brazil continued to weight on softs. Weaker US Dollar and signs of better demand for wheat were the only factors preventing farm commodities from the bigger decline.

Wheat advanced on signs of improving demand. Egypt, the top global importer, is set to buy at least 60,000 metric tonnes on wheat at a tender on Wednesday.

Corn slumped on soft demand of US supplies. As for December 6, US corn exports for delivery before September 1 dipped 46% year on year.

Sugar edged down on speculation that output from Brazil's Center South will attain a record in 2012-13. Center South production may reach 37 million metric tonnes in 2012-13 season that started April 1.

Coffee plunged after the data showed that Latin American coffee exports climbed to two million bags in November compared to 1.58 million bags a year earlier, according to Anacafe.


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