Rural commodities advanced on Friday on harvest concerns in Brazil

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Source: Dukascopy Bank
Agricultural commodities advanced on Friday along with broadly lower US Dollar and stronger equities. Grain commodities gained a spree after USDA reported the grains' stockpiles declined to seven-year low level in March on a yearly basis. Concerns that corn inventories will run to a record low until the fall harvest are likely to provide long-term support for the commodity. Corn is also expected to face tight supply next year coupled with strong demand. Meanwhile, sugar was only marginally higher as the commodity moves are limited by the expectation for oversupply in the market during the current marketing season. Coffee added 3.4% as dry weather in Brazil during the Arabica coffee harvest may curtail the output.



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