Coffee slumps on strong Mexico's exports

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Source: Dukascopy Bank SA
Farm commodities apart from coffee jumped on Wednesday in a cautious trading ahead of the USDA report due to on Thursday. Unfavorable weather in the US as well as logistical problems in Brazil sent farm commodities higher.

Wheat climbed as freezing temperatures in the US key growing regions are slowing early planting. However, gains were limited by speculation that market players are closing bets before the USDA report that is expected to show the national wheat inventories dropped the least compared to corn and soybeans.

Corn rallied on ideas that supplies in the US are declining at the fastest pace in 40 years amid improved demand from ethanol producers. Ethanol inventories dropped 5.5% last week to the lowest level since December 2011.

Sugar bounced off a five-week low on hopes of strong demand from Muslim countries ahead of Ramadan. However, the sweetener remained under pressure as Brazilian harvest is expected to be record high next season.

Coffee declined after the data showed that coffee exports from Mexico soared 32% in February. Adding to losses, analysts expect Brazilian and Colombian harvests to compensate any crop losses in Central America.
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