Wheat rose on potential crop forecast cut

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Rural commodities, excluding coffee, soared on Wednesday as weather conditions in the main growing regions remained unfavorable while anticipation of the EU summit continued to put investors off riskier assets.

Wheat extended previous gains on speculation that USDA will cut its forecast for 2012-23 production in July. Moreover, traders are cautious ahead of USDA export sales report release due on Thursday.

Corn soared as dry weather is likely to persist this week. Moreover, USDA claims that in case there is no rain in the next few weeks, crops will be damaged significantly.

Sugar was the top-performer as heavy rains in Brazil continued to impact harvest.

Coffee eased down as market participants started to cash out from the market after previous rally. However, rains in Brazil may provide further support for the commodity.


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