New York Futures: Arabica coffee futures fall to a July low as Brazilian production forecasts are raised
New YORK / London (Reuters)-ICE Arabica coffee futures fell more than 3% on Wednesday to their lowest level in about five months as Volcafe expected Brazilian coffee production to rise next year, while raw sugar rebounded to a two-and-a-half-month low.
Cocoa futures rose for the fourth day in a row.
Arabica coffee futures fell after Volcafe said in a report that Brazilian coffee bean production next year is expected to be higher than this year, reaching 49.5 million bales (60 kilograms each) after heavy rainfall in November. Volcafe is the Swiss coffee arm of commodity trading house ED&F Man.
March Arabica coffee futures (KCc2) settled down 5.85 cents, or 3.3%, at $1.7185 a pound, after falling to $1.7115, the lowest since July 23.
March Robusta coffee futures (LRCc2) closed down $18, or 0.9%, at $1946 a tonne.
Sugar trading fluctuated, continuing its decline in early trading, but then rebounded, following the rise of US crude oil. Traders said producers sold, limiting the rise in sugar futures.
ICE- March raw sugar futures (SBc1) settled up 0.01 cents, or 0.07%, at 14.72 cents per pound, hitting an intraday low of 14.62 cents since Sept. 24.
March white sugar futures (LSUc1) closed up $1, or 0.3%, at $384.70 a tonne, hitting a contract low of $383.00.
London March Cocoa Futures (LCCH5) closed up 11 pounds, or 0.6%, at 1939 a tonne. New York March Coco Futures (CCH5) closed up $1, or 0.03%, at $2915 a tonne. (end)
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