Agricultural commodities rallied as USDA report effect started to vanish

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Source: Dukascopy Bank
Rural commodities rallied on Wednesday as effect of the recent USDA report started to fade. Weaker US Dollar also lifted agricultural commodity prices. Grains caught momentum on speculation that colder weather in the main US planting regions may damage crops. Wheat's upswing was capped as weather conditions in Russia improved and winter-grain plantings are expected to provide sufficient crops. Similarly, corn was pressured as US stockpiles are likely to be larger than expected, according to USDA report.  Sugar was almost unchanged as stronger bulk demand was satisfied by ample global supplies. Coffee was the top-gainer despite improved weather and upgraded crops estimates. The ICO increased its Arabica coffee crop estimate by 1.9% for the current marketing season.


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