Farm commodities tumbled on Wednesday on broadly stronger US Dollar and bleak demand prospects amid global economic slowdown. Weakening demand for US supplies also pressurized agricultural commodities.
Wheat slumped after Egypt, the world's top importer, bought supplies from France and Romania, rejecting US shipments.
Corn was the top-loser as South Africa raised its production forecast by 2.7% this year. Accelerated US harvesting as well as record crops in Brazil are expected to boost global corn supplies.
Sugar fell as world's supply glut is likely to continue rising over the next eight years. The International Sugar Organization stated that Brazilian and Indian sweetener's production may increase by 46 and 2.5 million tons by 2020.
Coffee plunged despite dismal headlines from El Salvador. El Salvador reported that between 30% and 70% of coffee growing areas may be infected by coffee-leaf rust