Coffee futures fell on signs of ample global supplies. Orange juice, cotton and sugar dropped, while cocoa rose.
In March, exports of green coffee from Brazil, the world’s top grower, rose 11 percent from a year earlier, while shipments from Colombia, the second-biggest producer of arabica beans, jumped 12 percent, reports showed last week. World output this year will rise 6.4 percent to a record 144.6 million bags, the International Coffee Organization said today in a report.
“The damage caused by coffee leaf rust in Central America has been compensated by increased production in other countries, particularly Brazil, Indonesia and Ethiopia,” the London-based group said.
Arabica coffee for May delivery dropped 0.3 percent to $1.397 a pound at 11:15 a.m. on ICE Futures U.S. in New York. Volume at this time was 58 percent above the average in the past 100 days, according to data compiled by Bloomberg.
Last week, the commodity climbed 2.2 percent, the second straight gain. Most farmers in Brazil will start gathering beans next month, and output may approach a record high even as trees enter the low-yielding cycle of the biennial crop, the government estimates. A bag weighs 60 kilograms, or 132 pounds.
“The new Brazilian harvest is just a couple of months away, and traders expect big offers to develop on rallies,” Jack Scoville, a vice president at Price Futures Group in Chicago, said in a report.
Orange-juice futures for May delivery declined 1.1 percent to $1.4615 a pound on ICE.
Cotton futures for May delivery dropped 0.5 percent to 86.39 cents a pound.
Raw-sugar futures for May delivery fell 0.5 percent to 17.57 cents a pound.
Cocoa futures for May delivery jumped 2.6 percent to $2,187 a metric ton, halting a four-session slump.
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