Sugar rises as Brazil may cut taxes on biofuel

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Source: Dukascopy Bank SA
Farm commodities apart from coffee advanced on Tuesday amid hopes for robust China's demand. However, signs of improved weather conditions in the US as well as worries over a record high harvest in Brazil put heavy pressure on the commodity complex.

Wheat rose despite forecasts that global wheat output will recover in 2013-14 mostly due to expected jump of 14% in Australian production. Also dragging wheat futures lower, USDA reported that 24% of Oklahoma wheat was in good-excelled condition last week, compared to 9% a week before.

Corn moved higher on speculation China's may need additional 160 million tonnes this year. However, gains were cut as snowfall in the US improved crop prospects ahead of planting season that starts in April.

Sugar was bullish as Brazilian farmers are likely to direct more cane to produce ethanol instead of sugar due to biofuel tax cuts.

Coffee was the only loser, retreating after Monday's rally. Coffee futures continued to balance between ample Brazilian supplies and spreading coffee leaf rust in Central America.
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