New York Futures: Arabica coffee falls to its lowest level in more than 13 years as Brazil is about to harvest

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New YORK / London (Reuters)-ICE Arabica coffee futures fell to a low in December 2005 on Monday as the approaching harvest in Brazil, the main producer, put pressure on an already oversupplied market, while cocoa futures in New York rose to a more than two-month high.

Arabica coffee fell 2.4 cents, or 2.5%, to 92.10 cents a pound in May.

At one point, the contract fell to 91.65 cents, the lowest level since December 14, 2005.

The price of coffee collapsed because of oversupply, especially from Brazil.

Rodrigo Costa, head of trading at Comexim in the United States, said Brazil is approaching the harvest season, putting more pressure on the market.

Brazil's Arabica coffee beans will be harvested next month, while robusta coffee beans grown in the country will be harvested this month.

In May, Robusta coffee closed down $38, or 2.6%, at $1418 a tonne, hitting a three-year low of $1414 a tonne.

London could close 21 pounds higher, or about 1.2 per cent, at 1749 a tonne in May.