Coffee extends gains on Central America's crop concerns

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Source: Dukascopy Bank SA
Farm commodities were mixed on Tuesday amid broadly weaker US Dollar and improved appetite for riskier assets. Unfavorable weather conditions in Argentina as well as concerns over spreading coffee leaf rust in Central America were supportive for rural commodities. At the same time, weak US export data pushed the commodity complex lower.

Wheat slumped after the USDA report showed US wheat exports were by 12% lower on an annual basis in the period between June 1 and January 17. However, speculation that drought will cut output in Kansas and Oklahoma cut losses of the grain.

Corn climbed as dry and warm weather in Argentina in early February is likely to reduce crops in the country, boosting demand for US corn.

Sugar retreated after rallying in the previous session on record net-short position. The sweetener declined on ample Brazilian supplies and expectations that a recent flooding in Australia will boost long-term crop prospects.

Coffee added to gains on concerns that spreading coffee leaf rust will significantly reduce crops in Central America.
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