Wheat retreated as US weather conditions may improve

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Source: Dukascopy Bank SA
Rural commodities mostly retreated from recent highs on Friday as weather conditions are likely to improve in the US.

Wheat was the top-loser after AccuWeather reported that temperatures in the US are expected to decrease in the next days. Cooler weather is likely to boost crop prospects in the country.

Corn retreated from the nine-month high as exports demand started to slow in view of high prices and availability of substitutes.

Sugar was the only gainer as sweetener's supplies are expected to remain restricted after rainfalls in Brazil that harmed harvest.

Coffee dropped after Colombia announced that its output grew 52% on monthly basis in June. Moreover, Indian coffee crops may hit record high next year, potentially boosting exports.


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