Corn surged on falling supply and growing demand

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Source: Dukascopy Bank SA
Farm commodities apart from coffee moved higher on Wednesday on the improved demand prospects after the US and China hinted that more accommodative monetary policy may be introduced.

Wheat surged after Russia reported that about 15% of its crops in southern regions were curbed by dry weather in May.

Corn soared by more than 6% as persistent dry weather in the US impacts crops. Moreover, rising China imports that may climb to 7 million MT bolstered the commodity price.

Sugar jumped the most in the last 11 weeks on speculation that wet weather in Brazil may damage harvest and delay shipments.

Coffee was the only loser as global supplies are expected to be ample. Indonesia's and Colombia's expect an increase in production in the next months.


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Thu, 07 Jun 2012 16:38:26 GMT

Spanish debt auction witnessed strong demand

During an auction of Spanish long-term government debt on Thursday, Spain's Treasury managed to sell bonds for EUR638 million, which mature in October 2014. An average yield for the government debt was 4.335%, compared to 3.463% in the previous month. Demand was strong, and the bids exceeded supply 4.26 times, which is more than 3.28 bid-to-cover ratio last month.

Thu, 07 Jun 2012 15:32:40 GMT

Crude oil moved higher amid easing hopes

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