Corn at six-month low on favorable weather in South America

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Source: Dukascopy Bank SA
Farm commodities apart from wheat tumbled on Thursday amid weak demand for riskier assets as several Fed officials are against continuation of USD85 billion monthly bond-buying plan. Firm US Dollar also pressurized rural commodities. Meanwhile, market players awaited USDA report on US export sales due on Friday.

Wheat inched up on concerns over drought in the US southern Great Plains. Moreover, analysts consider US exports may have risen in the week ended December 27, compared to the same period in 2012.

Corn plunged to a six-month low on reports that weather in South America improved. A looming index funds' rebalancing continued to push prices lower.

Sugar dipped amid weak demand and abundant global supplies. The amount of the sweetener for loading at Brazil's ports dropped 7.2% from a week earlier. Meanwhile, Brazil is likely to witness a 9% increase in sugarcane output in the year starting April 1, according to Unica.

Coffee shed 1.94% despite speculation that the commodity may have bottomed. Coffee may note some support from index funds' rebalancing as the commodity was the worst performer in 2012.


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Fri, 04 Jan 2013 12:19:56 GMT

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