Corn rose amid bottom fishing

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Rural commodities were mixed on Wednesday amid solid greenback and bottom fishing. Meanwhile, weak demand for the US exports coupled with fears over global economic slowdown created a heavy pressure on the commodity group.

Wheat extended previous losses on rallying US Dollar. However, the grain may find support on further cuts of global supply estimates. Dan Basse President of AgResource Co announced that global wheat output is likely to miss the USDA forecast of 651.4 million MT.

Corn climbed on bottom fishing. Moreover, hopes that lower prices will attract livestock producers added to gains.

Sugar declined on bearish Unica's crop update last week. Unica stated that sugar production in Brazil's Center South-region skyrocketed 73% in the second half of October.

Coffee bounced off recent lows as traders returned to markets to look for cheap valuations. However, easing concerns over Brazilian harvest capped gains in coffee prices.


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