Coffee sank as supply worries vanished

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Agricultural commodities were mixed on Wednesday, with grains advancing and coffee and sugar falling. Market players continued to monitor weather forecasts in Brazil, India, Russia and the US as harvest conditions remained the main driver for farm commodities.

Wheat soared on news that Russia's exportable wheat surplus is likely to run out by the end of autumn if the county maintains a high export pace.

Corn rose on speculation that recent rains in the US failed to boost crop yields after the severest drought since 1956.

Sugar fell as harvesting in Brazil accelerated. Unica reported that Brazil's sugar-cane production rose by 14% in the first half of August compared to the same period last year.

Coffee dropped amid easing concerns that tropical storm will damage coffee beans stored in warehouses in New Orleans.

 

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