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Coffee futures-arabica fell, heading for the longest slump in six months, on persistent signs that supplies will remain ample. Cocoa, sugar, cotton and orange juice advanced.
Stockpiles of coffee at warehouses monitored by ICE Futures U.S. rose 0.1 percent yesterday, taking this month’s climb to 4 percent and the inventories to the highest level since October 2010, exchange data showed. Dry weather in Brazil, the world’s largest producer, has allowed the harvest to accelerate in the main growing areas according to Cooperativa Regional de Cafeicultores em Guaxupe Ltda, the biggest coffee cooperative.
“The rising stocks are a psychological bearish factor,” Joe Scaduto, the president of JPS Commodities LLC, a broker in New York, said in a telephone interview. “Brazil’s weather is also good for the crop.”
Coffee futures-arabica for December delivery dropped 2.4 percent to $1.62205 a pound at 11:08 a.m. on ICE in New York, after reaching $1.618, the lowest for a most-active contract since June 28. A close at that level will mark the seventh straight loss, the longest decline since Feb. 16.
Cocoa futures for December delivery increased 0.4 percent to $2,450 a metric ton on ICE.
Also in New York, raw-sugar futures advanced 0.3 percent to 20.39 cents a pound, heading for the first gain in 12 sessions. Cotton futures for December delivery climbed 0.2 percent to 72.25 cents a pound.
Orange-juice futures for November delivery rose 1.2 percent to $1.0575 a pound, headed for the first gain since Aug. 8.
- Marvin G. Perez in New York at Bloomberg.