Sugar jumped amid deteriorating weather in Brazil

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Source: Dukascopy Bank SA
Agricultural commodities were mixed on Monday with softs moving higher and grains retreating. Adverse weather conditions in Brazil and US lifted the commodity group. At the same time, stronger greenback coupled with weak demand for US exports pushed farm commodities lower.

Wheat was the worst-performer, falling for the third consecutive session on concerns over demand for US supplies. The USDA reported that US wheat exports plunged 41% last week compared to the preceding week.

Corn inched down despite signs that a recent slump in prices attracted more buyers of the US grains. The USDA stated that the amount of corn inspected at the US ports before shipment climbed 49% last week on a weekly basis.

Sugar advanced on concerns over adverse weather in Brazil. The southern states of Brazil are expected to witness heavy rainfalls that may disrupt the fieldwork.

Coffee skyrocketed on concerns that Hurricane Sandy will damage coffee inventories stored in the warehouses at the US East Coast.


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