Sugar dipped amid ample global supplies

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Farm commodities were mixed on Friday, with grains advancing and softs retreating. Grains were boosted by the recent USDA export report and uncertainty over weather conditions in Argentina. At the same time, worries over ample global coffee and sugar supplies continued to push softs lower.

Wheat climbed, drawing strength from the recent USDA report that showed the US wheat exports reached 651,000 tonnes in the week ended February 3. However, wheat futures remained under pressure as forecasts call for snow in the US Great Plains in the middle of the week.

Corn moved higher on uncertainty whether Argentina will witness rains this week. Corn also found support on dip buying and slightly better US exports in the week ended February 3.

Sugar continued to progress in negative direction as global supplies are likely to be more than ample this year due to large crops in Brazil.

Coffee tumbled below a two-year low on weak demand from end users and expected record crops in Brazil in the current marketing year.
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