News Summary: Coffee plunges on supply forecast

AP News
Posted: Nov 30, 2012 3:47 PM

STALE COFFEE: The price of coffee plunged 3.7 percent on expectations that Brazil and Central America will harvest bountiful crops, adding to already ample global supplies. Coffee has fallen nearly 34 percent this year.

BUDGET BATTLE: Most commodities fell as the Obama administration and Congress remained at odds over a new budget. Without an agreement, government spending cuts and steep tax increases will take effect Jan. 1

THE TALLY: Prices fell for gold, silver, wholesale gasoline, wheat, corn and soybeans. Oil and copper rose.