Wheat declines on improved weather in US Great Plains

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Source: Dukascopy Bank SA
Rural commodities, excluding sugar, were bearish on Tuesday amid broadly stronger US Dollar and improved weather conditions in the US Great Plains. At the same time, a record number of net short positions in coffee and sugar created an upside potential for softs.

Wheat dipped after MDA reported that rains over the weekend in the US Great Plains was above expectations, helping to boost drought-stricken winter seedlings.

Corn moved lower amid signs of weak demand for US supplies. Limiting the downswing, weather service WxRisk.co said that rains in Argentina were below expectations.

Sugar was the only commodity in the complex to post a gain. The sweetener advanced on speculation market players will buy sugar futures after bets on a decline in prices approached a record. Net short positions in sugar reached 90,426 contracts in the week ended Feb 12.

Coffee declined on concerns over global supply glut amid a record high Brazilian harvest. Coffee futures may find support on a record number of net short positions that reached 36,595 contracts in the week ended Feb 12.
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