Wheat surged after the USDA crops condition report

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Farm commodities apart from coffee rose as investors were focused on the US elections. Broadly weaker greenback coupled with record low US crop ratings created strong upward pressure on rural commodities.

Wheat jumped after the USDA reported that only 39% of the US winter wheat crop was rated in ‘excellent' and ‘good' condition, a record low for this per5iod of the year.

Corn moved higher, supported by weaker US Dollar. However, the US harvesting nears completion, thus easing supply shortage in the market.

Sugar inched up ahead a release of the closely watched report on Brazilian supplies due on Friday. Last month, Unica reported that Brazil's Center South-region's crop soared 57% in the first half of October, creating heavy pressure on the sweeper's price.

Coffee was the only loser as speculation that global supplies will be ample next year continued to weight down on the commodity futures.


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