Wheat climbs as US winter crop condition deteriorates

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Farm commodities advanced on Monday as broadly softer US Dollar boosted appeal of the commodity group. Moreover, a recent fall in prices created bargain buying opportunities for the market players. At the same time, weak demand for US supplies and rising production in Brazil weighted down on rural commodities.

Wheat rebounded after the USDA reported that only 34% of the US winter-wheat was rated as good and excellent as for November 18, compared with 36% in the previous week. However, lack of demand for the US exports capped gains.

Corn climbed on weaker US Dollar. At the same time, the commodity remained under pressure due to a combination of slowing demand for US grains and easing worries over the US production.

Sugar rallied the most since June on lingering concerns that rains this week may cut Brazilian harvest.

Coffee rose despite ample global supplies. Latin American coffee exports surged by annualized 19% last month, according to Anacafe.


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