Wheat soared after world crops forecast cut

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Source: Dukascopy Bank SA
Rural commodities extended previous rally on Monday amid unfavorable weather conditions in the main growing regions.

Wheat advanced after the International Grains Council reported that global output is likely to be 4.3% lower than initial estimate in 2012-13 crop year because of large fall in Russia's production.

Corn soared to three-month high as US crop conditions have continued to deteriorated for the fourth week.

Sugar surged to two-month high on Brazilian output concerns; the country's production sank by 32% in the first half of June.

Coffee rose as new wave of rainfalls is expected in Brazil by the weekend. Currently, the quality of coffee beans has been already compromised by rains.


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Tue, 03 Jul 2012 14:54:34 GMT

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