Coffee jumps amid strikes in Santos, spreading leaf rust

Source: Dukascopy Bank SA
Farm commodities were mixed on Friday, with softs advancing and grains sliding. Pushing the commodity group higher, port workers began a strike in Brazil, stopping a loading of sugar and corn onto boats in Santos. However, improving weather conditions in the US Great Plains as well as bearish USDA report put heavy selling pressure on grains.

Wheat plunged on hopes that long-awaited snow in the US Great Plains will boost harvest of winter varieties. Supporting wheat prices, the International Grain Council and the USDA do not expect a significant rebound in global stocks even despite forecasts for a sharp improvement in global crops in 2013-14.

Corn slid after the USDA said it now expects stocks in 2013-14 to be bigger than originally predicted. Corn inventories may be even bigger if the International Grains Council proves correct and US farmers plant 99 million acres in 2013-14, compared to 86.5 million acres predicted by the USDA.

Sugar and Coffee surged on concerns over strikes in Brazil. Coffee also found support on worries that coffee leaf rust may hit Central American harvest. However, gains were limited amid forecasts for ample global supplies this year.
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