Coffee surges on Central American crops concerns

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Source: Dukascopy Bank SA
Farm commodities were divided on Wednesday, with softs moving higher and grains slumping. Lower coffee and sugar prices attracted new buyers thus sending softs higher. At the same time, weak demand for risky assets after the IMF lowered its global growth forecast put notable pressure on grains.

Wheat gave back some of the previous gains on speculation that the southern US Great Plains will witness rains in the following weeks. Rains are likely to boost prospects of drought-stricken winter crops in the US.

Corn was the top-loser on signs of improving weather in Argentina. However, losses were cut as Brazil is likely to see output falling 3% this year.

Sugar climbed on hopes that lower prices will make it more profitable for Brazil's mills to turn the sugar cane into ethanol instead of sugar thus easing global supply surplus.

Coffee advanced as lower prices attracted more buyers. Furthermore, concerns that leaf rust in Latin America will spread through Central America and Mexico and damage large part of the coffee crops lifted coffee futures.
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