US MIDDAY: sugar, coffee tumble

Arabica coffee futures closed at a 5-week low on Wednesday, falling more than 11 percent from the 34-year high reached May 3, on long liquidation as the commodity complex saw another sell-off. The key July raw sugar contract sank 0.93 cent, or 4.3 percent, to finish at 20.94 cents per lb.
July arabica coffee futures tumbled 9.45 cents, or 3.3 percent, to finish at $2.7315 per lb, the lowest settlement since April 6. Total volume just over 25,000 lots, the highest since May 5 - preliminary Thomson Reuters data. Key July cocoa futures inched up $13 to settle at $3,118 per tonne.