Wheat climbs on solid demand, UN estimates limit gains

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Source: Dukascopy Bank SA
Farm commodities except for coffee rose on Tuesday despite soft demand for risky assets amid instability in Cyprus. Meanwhile, speculation that investors are returning to markets to seek cheap valuations supported the commodity sector.

Wheat climbed after Tunisia, Algeria, Bangladesh, Iraq and Jordan issued tenders to buy soft wheat. However, gains were restricted by forecasts that global supplies will rise this season. United Nations estimated global output would jump 4.2% to 690 million metric tonnes this season as fields recover from last year's drought.

Corn approached a five-week high as cold and wet weather in the US Midwest is slowing fieldworks ahead of crop planting. Unfavorable weather conditions in Iowa, Illinois and Nebraska are preventing farmers from tilling.

Sugar swung to gains after posting the biggest drop in five months on Monday. The sweetener managed to advance even despite weak fundamentals. FO Licht predicts production in Brazilian Center South to reach 36.2 million tonnes in 2013-14 compared to earlier forecast of 34.1 million tonnes.

Coffee slid on talks that strong harvests in Colombia and Brazil will offset crop losses in Central America.
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