Sugar advanced despite ample global supplies

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Farm commodities were mixed on Friday, with softs climbing and grains retreating. Broadly stronger US Dollar created pressure on rural commodities. At the same time, mounting uncertainty over crop conditions in Brazil lifted coffee and sugar futures.

Wheat moved lower despite strong support from worries over global supply disruption. Ukraine's agriculture minister announced on October 24 that the country would ban exports starting from November 15.

Corn was the top-loser after Informa Economics raised its forecast for US corn harvest above the USDA estimate. Pushing the commodity lower, US export data indicated that producers sold less-than-expected corn last week.

Sugar rebounded after two consecutive days of losses amid rain forecasts in Brazil. However, expected oversupply in the market this season continued to weight on the sweetener.

Coffee was the top-performer despite lack of damages to coffee inventories stored in warehouses across the US East Coast.


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