Rural commodities slumped on improved supply prospects

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Source: Dukascopy Bank
Agricultural commodities extended previous slump on Monday as firmer US Dollar and softer global equities added pressure to the commodity pack. Grains were mainly impacted by the improving weather conditions in the main planting regions in the US, the Great Plants and Midwest, that are expected to boost harvest prospects. At the same time sugar declined as Brazil is likely to expand its cane output by 5.4% this crop year.  Moreover, higher demand from soft-drink and ice –cream producers is not expected to offset record high Brazilian harvest. Further, coffee futures tumbled as looming Brazilian harvest is likely to be robust due to favorable weather conditions. However, four-year low Colombian coffee output limited the downward move of the commodity.


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