Coffee plunged on potential increase in global supplies

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Source: Dukascopy Bank SA
Agricultural commodities excluding wheat plunged on Monday as traders turned their attention to the presidential elections in the US. Meanwhile, anticipation of the USDA crop progress reports that was due after Monday's close also pressured farm commodities.

Wheat was the only gainer as US winter crop deteriorated last week amid dry weather and abnormally high temperatures in the US top-planting regions.

Corn slumped despite forecasts that global inventories will be smaller than the USDA estimate of 117.27 million metric tons.
Sugar dropped as ample global supplies continued to push the sweetener lower. Stronger US Dollar also added to losses of the commodity.

Coffee was the top-loser, reaching four-month low on signs that world's supplies are climbing. Global output is expected to rise by 8.3% in the season started October 1 as Brazil enters high-yielding cycle of biennial crop.


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