Coffee edges up on Central American crop concerns

Source: Dukascopy Bank SA
Farm commodities were mixed on Wednesday, with softs advancing and grains declining. Softs found support on speculation about possible increase in Brazilian ethanol production and threat of coffee leaf rust in Central America. At the same time, improving weather conditions in the US put heavy pressure on grains.

Wheat led losses, tumbling to a seven-month low as rain and snow improved conditions for the US winter crop. National Weather Service reported that normal amount of precipitation fell in the area from central Kansas through Oklahoma.

Corn dipped after the data showed US ethanol production dropped 7,000 barrels last week. Ethanol production level remains below the USDA forecast for 2013-14.

Sugar extended gains despite expectations that Indonesian cane output may rise by annualized 4.3% in 12 months starting May 1, reported the USDA. Meanwhile, the sweetener remained well-supported as Brazilian farmers may use more cane to produce ethanol instead of sugar.

Coffee climbed on fears that spreading coffee leaf rust may significantly reduce Central American harvest. However, gains were cut by talks that Colombia may harvest by 30% more coffee this year.
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