It’s possible that for many readers, Futures has spent too much time focusing on what happened with MF Global and PFG and how their deceitful use of customer segregated funds has stained the futures industry.
Cocoa futures extended a rally to a nine-month high on mounting concern that supplies may be disrupted in Ivory Coast, the world’s top producer. Cotton and orange juice also gained, while coffee and sugar fell.
Gold gained for the third straight session in New York on speculation that policy makers will announce additional stimulus measures to boost growth, increasing demand for bullion as a hedge against inflation.
Coffee futures sank to a 21-month low on mounting concern that Europe’s debt crisis is eroding demand prospects as exporters boost sales in Brazil, the world’s largest grower. Sugar and cocoa also slid.