Coffee soars on leaf rust concerns

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Source: Dukascopy Bank SA
Rural commodities except for coffee retreated on Thursday despite improved risk-appetite among investors after upbeat US data. Grains dropped even despite supportive USDA weekly report. At the same time, concerns over ample global supplies continued to weight on softs.

Wheat halted its rally despite bullish reading of the USDA report on weekly export sales. US sold more than 570,000 tonnes of wheat last week.

Corn retreated despite improved demand for US supplies. US corn exports reached 393,000 tonnes, the second highest level in 2012-13. Corn came under heavy pressure after the US Energy Department reported US ethanol production tumbled to the lowest mark since June 2010.

Sugar extended losses on global supply surplus and a potential drop in demand from South Africa and Russia.

Coffee was the only gainer, surging the most in four sessions on lingering concerns that a coffee crops disease will cut output in Central America.  Coffee production in Guatemala, Nicaragua and Costa Rica is likely to decline in 2013 given spreading coffee leaf rust.


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