Sugar rose as weather threatens loading at Brazilian ports

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Source: Dukascopy Bank SA
Farm commodities except for coffee rallied on Wednesday on speculation that a recent slump in prices will attract buyers. Moreover, talks that China's grain stocks are at low level provided additional support for wheat and corn futures.

Wheat climbed for the second session in a row on hopes lower prices will attract livestock producers. However, gains were capped as weather in the US Great Plains continued to improve.

Corn soared after the latest data showed US ethanol production surged to a seven-week high last week. US ethanol output advanced to 812,000 barrels per day, raising hopes that biofuel production is coming back on stream.

Sugar bounced off a two-year low on concerns over Brazilian supplies. Brazilian weather may deteriorate, implying potential disruption to the loading process in the main Brazilian ports.

Coffee was the only loser despite worries over a potential decline in South American production. Peru, the third largest producer in South America, may see its output dropping 20% this year because of spreading coffee leaf rust.
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