Agriculture

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Source: Dukascopy Bank
© Dukascopy Bank
Rural commodities apart from coffee declined on Wednesday amid stronger US Dollar and deteriorating situation in China. Grains also came under pressure because of favorable weather conditions in the US that may provoke earlier harvest. Moreover, more pessimistic outlook on China's economy is likely to weight down on the China's grain imports. Meanwhile, sugar continued to be exposed to the ample global supplies. Coffee, the only-gainer, was supported by the expected tightening of the supplies as Brazilian coffee crops declined by 7% while coffee consumption continues to grow.

Interdependence between wheat and the Dow Jones-UBS Industry Metals Index (DJUBINTR) increased from 0.30 to 0.35 on the negative news from China. In the similar fashion, tie between wheat, coffee and sugar improved after drought in Brazil. Meanwhile, interchange between wheat and corn remained steady at 0.85 while wheat's alternation with the Standard Poor's SP500 increased from 0.02 to 0.12.


© Dukascopy Bank
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