Coffee sank on rising Latin American exports

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

Agricultural commodities were mixed on Tuesday, with grains extending the rally and sugar and coffee declining further. Over the day, market participants remained focused at weather conditions in the US, Russia, Brazil and India.

Wheat surged as lack of rain in Russia and EU continued to threaten crops. Meanwhile, poor wheat crops in the EU and Russia are likely to boost demand for US exports.

Corn jumped as participants of US Professional Farmer Midwest Crop Tour announced that crop yields are set to fall in both the eastern and western Corn Belt.

Sugar slumped further on favorable weather conditions in Brazil. However, threat of return of El Nino weather pattern in India restricted the downswing.

Coffee dropped on news that Latin American coffee shipments surged by annualized 50% in July.

 

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