Corn rallied as dry weather in the US may harm crops

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Source: Dukascopy Bank
Rural commodities rallied on Tuesday despite broadly stronger US Dollar. Deteriorating weather conditions in the US provided fresh stimulus for the commodity pack.

Wheat continued to appreciate as dry weather in Kansas may harm crops. However, US spring crops are harvested ahead schedule thus limiting the upward move of the commodity.

Corn was the top-performer despite expected record crops in the US this year. The commodity was lifted as dry weather in the main corn-growing areas in the US may impact the harvest.

Sugar drew strength from speculation that rains in Brazil will reduce yields whereas dry weather in the northern part of the country may impact output.

Coffee eased up as Peru production is expected to fall in 2012-13 season while ICO predicts an increase in global coffee consumption.


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Wed, 16 May 2012 17:25:27 GMT

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