Wheat plummeted despite Ukraine's supplies uncertainty

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Source: Dukascopy Bank SA
Rural commodities, excluding coffee, tumbled on Thursday amid broadly stronger greenback and uncertainty over Ukrainian exports. Meanwhile, traders continued to monitor weather forecasts in the top-growing regions to gauge global supplies.

Wheat shed 1.27% despite uncertainty over Ukraine's export restrictions. However, wheat is likely to trade higher on Friday as the Intentional Grains Council lowered its forecast for global harvest yields.

Corn plunged for the fourth session in a row on signs that demand for the US exports is slowing. US export sales of corn dropped by annualized 58% in a week ended October 18.

Sugar dropped despite speculation that a fall in prices will stimulate demand for the sweetener.

Coffee was the only gainer despite weak fundamentals. Coffee production is expected to jump in the 2012-2013 marketing year due to rising output in Brazil and Colombia.


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