Coffee gains on ‘absurd' Brazil production estimates

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Source: Dukascopy Bank SA
Farm commodities were mixed on Monday, with softs moving higher and grains slumping. Weaker US Dollar coupled with positive news from Japan pushed rural commodities higher. At the same time, persistent concerns over looming US fiscal cliff and weak demand for US supplies pressurized the commodity group.

Wheat tanked for sixth time in seven sessions on worries that low prices have yet simulated demand for US supplies. Restricting the downswing, Argentina is set to cut its wheat export quota to 3.37 million tonnes due to unexpected low crop yields in 2012-13.

Corn sank the most in a week amid signs of slowing demand for US grains. As for December 6, US corn sales for delivery before September 1 slumped 46% on an annual basis, reported the USDA.

Sugar was the top-performer despite expected global surplus. Rabobank projects global supply glut to remain near 6.6 million tonnes in 2012-13.

Coffee gained on speculation that recent production estimates were exaggerated. Brazilian coffee council claims that recent crop estimates were ‘absurd' as next season crop will not exceed this year output due to  low-yielding crop cycle.


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