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Softs in Red Across the Board

July 10, 2014 at 20:16 by Vladimir Vyun

Virtually all agricultural commodities demonstrated losses today. Cocoa, coffee and soybeans were among losers.

The European Cocoa Association reported that cocoa usage in Europe, the biggest consumer, fell 0.7 percent in the second quarter of this year from a year. Analysts expected an increase in the neighborhood of 2 to 3 percent.

Prices for coffee sank today as dry weather in Brazil should help harvest in July, the peak of the harvesting period. Meanwhile, demand from Northern Hemisphere is usually subdued during this season as people consume less coffee during summer high temperatures.

Cool weather is expected to alleviate heat pressure on soybeans in the United States. Experts speculate that it may boost output to the all-time high.

September futures for delivery of cocoa slipped 0.19 percent to $3,081 per metric ton as of 20:10 GMT on ICE today. Contract for coffee sank 5.73 percent to $1.63 per pound. November soybeans dropped as much as 0.97 percent to $10.93 per pound on CBoT.

If you have any questions and comments on the commodities today, use the form below to reply.

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