Coffee futures prices took a nosedive Monday as hope waned for efforts to renegotiate international export quotas.
On other markets, grain and soybean futures were mostly higher, most livestock and meat futures advanced and energy futures were mostly lower.
The meeting in London of the International Coffee Organization appeared on the verge of breaking up without any agreement on export quotas for the 1986-87 season, said Sandra Kaul, an analyst in New York with Shearson Lehman Bros.
"Neither the consuming nations nor the producers seem willing to budge from their previous positions," she said.
Also, she said, the U.S. delegation announced that it will leave the negotiations Tuesday morning.
"Without the U.S. there, I would have to assume the chances of an agreement are nil," said Kaul.
If the meeting does end without agreement, she said, the ICO members "will have to decide whether to reconvene in six weeks or so, in which case prices will stay about the same, or to let it go until September, in which case we could see substantial declines come into the market." The current season ends in September.