Sugar slumped ahead of Brazilian crop report

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Rural commodities were mixed on Thursday, with wheat and coffee advancing and corn and sugar declining. Broadly stronger greenback and deteriorating global economic outlook pushed farm commodities lower. At the same time, fears that global supplies may tighten further due to unfavorable weather conditions lent support for the commodity group.

Wheat jumped on worries that drought in the US will weight on global supplies after dry weather in Australia and Russia cut crops. Meanwhile, investors awaited the USDA monthly report on global grain supplies due on Friday.

Corn dropped as support from hopes for better substitution demand appeared to be short-lived. Solid greenback and weak export demand pressurized the commodity futures.

Sugar plunged to nine-week low as investors became increasingly cautious ahead of the Brazilian crop update due on Friday.

Coffee climbed despite expectations for ample global supplies as concerns over crops in Brazil eased.
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