Coffee declined in London and New York on signs of increased production of both robustas and arabica beans. Sugar climbed.
Arabica production for the 2012-13 crop that ends in September in most countries will jump 5.7 percent and robusta output will climb 8.8 percent, the International Coffee Organization said in a report on its website today. Brazil’s 2013-14 crop now being harvested is set to be a record for an off-year in its biennial production cycle, it said.
“The new reality of a greatly diminished on-off cycle in Brazil, with the possibility of increased carry-over stocks, is resulting in a more constant availability of arabicas year on year,” the ICO said.
Robusta for July delivery fell 0.6 percent to $1,834 a metric ton on NYSE Liffe by 11 a.m. Arabica futures declined 0.2 percent to $1.2855 a pound ($2,834 a ton) on ICE Futures U.S.
Raw sugar climbed 0.2 percent to 16.41 cents a pound and white, or refined, sugar advanced 0.3 percent to $480.70 a ton.
Cocoa in New York dropped 0.6 percent to $2,355 a ton and in London declined 0.3 percent to 1,550 pounds ($2,411) a ton.
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