Sugar extends losses on rising Brazil's production

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Farm commodities except for coffee moved lower on Thursday despite weaker greenback and poor conditions of the US winter corps. More favorable weather in Brazil and Argentina coupled with global consumption uncertainty pushed rural commodities lower.

Wheat dropped despite potential disruptions to supplies from Russia. Arkady Zlochevsky, president of Russia's Grain Union said that exports from Russia are slowing in wake of inflated domestic prices.

Corn slumped for the first time in three sessions on forecast for better crop conditions in South America. Upcoming rains in Brazil and drier weather in Argentina are likely to boost corn crops.

Sugar extended losses as Unica crop report indicated that output in Brazil's Center South-region soared by 73% in the second half of October.

Coffee was bullish as investors returned to the markets to seek cheap valuations. Broadly weaker US Dollar also lifted Arabica coffee futures.


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