Coffee dropped on abundant global supplies

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Farm commodities were mixed over the last five trading days amid weak demand for US exports and rain forecasts in Brazil. Meanwhile, US markets were closed for on Thursday due to Thanksgiving Day holiday.

Wheat posted a weekly decline on signs that demand for US supplies weakens. US farmers sold only 314,500 tonnes of wheat last week versus the USDA forecast in the range between 250,000 tonnes to 450,000 tonnes.

Corn was higher over the week as US exports topped projections last week, according to the USDA. However, firmness in the US Dollar and high risk aversion on the global markets capped gains of the grain commodity.

Sugar advanced on speculation that upcoming rains in Brazil may hurt sugar output in the country. At the same time, forecasts that global supplies will be ample this year hampered a rally of the sweetener.

Coffee was the top-loser on potential oversupply on the market and concerns over world's demand.


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