“Wheat is finding at least a bit of support again this morning on more action in the Black Sea,” Matt Zeller, senior market analyst at StoneX Financial Inc, said in a note.
Meanwhile, raw sugar jumped as much as 6.4% in New York, the biggest intraday jump since Aug. 10, 2021, showing signs of recovery after a steep slide. Futures have dropped more than 20% since an early November peak as dry weather in Brazil allowed cane harvesting and processing to continue later than usual.
But recent rainfall in Brazil’s centre-south region soon could put an end to this season’s harvest, according to a Thursday ADM Investor Services note that said “the market is technically oversold and due for a correction.”
See also: Oil jump above US$130 would reverse bets on Fed rate cuts
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