Farm commodities except for sugar followed downward trend on Monday as US harvesting accelerated due to favorable weather conditions. Meanwhile, recent surge in sugar and coffee prices motivated producers to sell inventories.
Wheat slumped the most since January on accelerated US planting. USDA reported that winter-wheat crop was 11% planted compared 4% in the preceding week.
Corn tumbled as dry weather in the US fosters faster harvesting. USDA announced that 26% of corn was harvested as for the end of last week compared to 15% a week earlier.
Sugar sank after Australia, the world third largest exporter, raised its production estimate amid higher yields and larger planting areas.
Coffee dropped the most in eight weeks on stronger greenback and increased sales volumes. Brazilian coffee growers sold about 80% of the record crop due to recent price increase.