Wheat climbs amid unfavorable weather in US

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Source: Dukascopy Bank SA
Farm commodities were mixed on Thursday, with wheat and coffee advancing and sugar and corn dropping.  Grain futures were supported as heavy rains in Argentina continued to delay harvesting in the country. However, weak news from the Eurozone and solid greenback capped gains of rural commodities.

Wheat advanced for the second consecutive day on concerns that dry weather may curb output in the US. Rainfall and snow are likely to miss areas in the Great Plains, according to Commodity Weather Group.

Corn fell the most in three weeks amid slowing demand for US exports. USDA report indicated export sales of US corn tanked 78% in the week ended November 29 from a week earlier.

Sugar declined on speculation that global output is surpassing demand. Cane processing in Brazil and the sweetener's production in India are rising, thus adding to global oversupply.

Coffee moved higher despite worries over global supply glut and strong US Dollar.


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