Coffee dives amid ample South American output

Source: Dukascopy Bank SA
Rural commodities except for coffee rallied for the second consecutive session on Thursday on hopes lower prices will attract more demand. Moreover, better-than-expected US grains export data was supportive for the commodity pack.

Wheat climbed on ideas that a recent decline in prices will result in strong demand from livestock producers. At the same time, better weather conditions in the US Great Plains cut gains of the commodity.

Corn advanced after the USDA data showed US corn exports beat expectations, reaching a three-month high last week. Moreover, US ethanol production rose more-than-expected last week, signaling that biofuel output may be back on track.

Sugar was the top-performer on speculation that Brazil may lower a tax that would make it more appealing for mills to use cane for ethanol production rather than for producing sugar.

Coffee declined for the second day in a row on talks ample South American supplies are likely to compensate crop losses in other regions. Meanwhile, coffee beans in the ICE Futures US warehouses reached a two-year high.
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