Rural commodities slid after USDA report

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Source: Dukascopy Bank
Rural commodities tumbled on Tuesday following the downside of world's equities and global economic instability. Grains followed the bearish trend after the USDA report release that indicated better crop forecasts for this planting season. Wheat was also pressured as USDA announced that global stockpiles topped the highest level in the last 11 years. Corn was the top loser despite strong demand as South Africa, Brazil and Argentina are expected to face lower crops because of recent drought.  Sugar continued to decline as global supply perspectives remained positive. Brazil and France reported on potential output increase. However, heavy rains that damaged Russia's sugar harvest may lend some support for the sweetener.  Meanwhile coffee futures dropped ahead of Brazilian Arabica coffee crop.


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