Wheat drops on slowing demand for US supplies

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Farm commodities were mixed on Thursday, with softs climbing and grains retreating. Broadly weaker US Dollar as well as worries over upcoming storms in Brazil and Argentina were supportive for rural commodities. However, a slowdown in the US exports capped gains of the commodity group.

Wheat retreated, snapping a three-day run after the USDA reported a 56% drop in US exports last week on a weekly basis. Moreover, speculation that Ukraine is not planning to restrict exports added pressure on the commodity.

Corn dipped from five-week high as demand for US supplies is weakening. According to the USDA, US export sales plunged 69% last week.

Sugar gained on a potential fall in the global supply glut next marketing season as Brazil may raise mandatory amount of ethanol to be blended into gasoline from 20% to 25%.

Coffee extended previous gains despite an expected rebound in Colombian production. USDA stated Colombia's coffee output is likely to add 8.5% in 12 months started October 1.


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