Sugar imports by China, the world’s second-biggest consumer after India, may jump 35 percent as output trails demand, helping push global prices higher, according to Australia and New Zealand Banking Group Ltd.
Corn jumped the most in 14 months and soybean futures rallied the most since 2011 as hot, dry Midwest weather threatens to erode crop yields in the U.S., the world’s biggest grower. Wheat also advanced.
Soybeans headed for a fifth weekly climb in the best run since May on speculation that the U.S. Department of Agriculture will cut its production outlook after hot, dry conditions harmed crops in the world’s biggest grower.
Wheat may extend a slump in the year starting from July as farmers around the world are set to boost production and as demand declines for the grain in livestock feed, an Australian government forecaster said.