Coffee slides on prospects of strong harvest

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Farm commodities apart from corn retreated on Monday on weak demand for risky assets after Cyrus decided to tax bank deposits. Moreover, expectations of an increase in output in Russia and Canada pressured the commodity group.

Wheat tumbled the most in more than a week as farmers in Russia and Canada may boost output. Russia is likely to harvest as much as 50 million metric tonnes in 2013 compared to 37.7 million tonnes last year. Canada's production is expected to surge 7.6% this year, according to the USDA.

Corn was the only gainer as US exports increased to historic standards last week. The USDA reported that US corn inspections jumped about 900,000 bushels to 15.4 million bushels last week. However, improved weather conditions in the US Great Plains dragged corn futures lower.

Sugar was bearish amid expectations of strong production this year. Moreover, an extensive reduction in short positions failed to spur short-covering rally. Last week, investors cut their net short position by 75%.

Coffee finished on the negative note on prospects of strong harvest in Brazil and Colombia and increased selling of the last year crop.
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