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
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.
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