Wheat went up on US winter crops concerns

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Farm commodities apart from coffee moved higher on Wednesday, supported by broadly softer greenback and easing worries over Hurricane Sandy. Adding to the positive mood of rural commodities, weather in Brazil deteriorated prompting buyers to turn to US supplies.

Wheat climbed as US winter-varieties are in the worst condition in 27 years due to severe drought this summer.

Corn jumped as adverse weather threatening South American harvest is likely to tighten global corn supplies.

Sugar moved higher on strong demand from Asia and the Middle East. However, the sweetener's supply to China is likely to outplace demand, increasing pressure on sugar prices.

Coffee sagged to four-month low on signs that global inventories are ample. Meanwhile, easing concerns over Hurricane Sandy pushed the commodity lower.


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Thu, 01 Nov 2012 12:54:22 GMT

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