Sugar declines on global oversupply

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Source: Dukascopy Bank SA
Farm commodities apart from coffee dipped on Friday amid solid greenback.  Moreover, upcoming debates on the US debt ceiling pushed rural commodities lower. Meanwhile, traders remained cautious ahead of closely-watched monthly USDA report on world crop supply and demand estimates due next Friday.

Wheat closed at a six-month low amid weak demand for US supplies. As for December 27, total accumulated wheat export sales were about 20% lower than a year earlier. Restricting losses, Informa cut its wheat crop estimate for Argentina by 2 million tonnes to 9.5 million tonnes.

Corn dropped after the USDA report showed that weekly exports were 49,000 tonnes, two times less than predicted.

Sugar plunged on speculation that producers are likely to cut selling price target amid oversupply on the market.

Coffee rebounded, helped by an increase in global exports. The International Coffee Organization reported global coffee shipments approached 5.6 million bags in November compared to 5.39 million tonnes a year earlier.


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