Grain commodities tumble after US crop report

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Source: Dukascopy Bank
© Dukascopy Bank
Agricultural commodities, excluding sugar, fell on Thursday after rallying over the previous day. The commodity group started Thursday on a positive note as weaker US Dollar and anticipation of the US crop report lifted agricultural commodities' prices. However, after the release of the US crop report that unexpectedly indicated an increase in global grain supplies, corn and wheat tumbled to three-month low and even adverse weather conditions in South America failed to limit losses. According to the report, corn production is expected to exceed the demand for the first time in three years while current US corn inventories exceeded the forecast by 12%.


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