Corn dips on favorable weather forecasts in South America

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Source: Dukascopy Bank SA
Farm commodities were bearish on Thursday amid ongoing concerns over ample global supplies and improved weather conditions in the US Great Plains and South America. Weak risk sentiment after disappointing Eurozone's figures as well as firm US Dollar also sent the commodity group lower.

Wheat slid as expected snow in the US Great Plains removed a supply risk premium. However, better-than-expected export data restricted the downswing. The USDA reported wheat exports attained 651,000 tonnes last week.

Corn is set for the longest decline in 47 years amid improved weather conditions in South America. Meanwhile, US export sales hit a four-week high of 285,000 tonnes last week, but still remained below some forecasts.

 Sugar dropped on speculation that sweetener's prices have to slide further to spur ethanol production in Brazil, according to Macquarie Group. Adding to losses, global sugar production is expected to be more than ample this year.

Coffee slumped to more than a two-year low amid lack of demand from the end users and global oversupply.
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