Coffee futures fell to a one-week low in New York on signs that global production will increase. Sugar and cocoa advanced.
The worldwide coffee market may have a surplus in the season starting in October as output expands in Brazil, the world’s biggest grower, Commerzbank AG said today in a report. Global production will be 132.4 million bags in the current season, up 3 percent from a December forecast, the International Coffee Organization said yesterday.
“The ICO news is weighing on the market,” Drew Geraghty, a broker at ICAP Futures LLC in Jersey City, New Jersey, said in a telephone interview.
Arabica coffee for March delivery slipped less than 0.1 percent to close at $2.2515 a pound at 1:51 p.m. on ICE Futures U.S. in New York. Earlier, the price touched $2.211, the lowest for a most-active contract since Jan. 9.
A bag weighs 60 kilograms (132 pounds).
Raw-sugar futures for March delivery advanced 0.1 percent to 23.86 cents a pound.
Cocoa futures for March delivery rose $1 to $2,270 a metric ton in New York.
In London futures trading, robusta coffee fell, while refined sugar and cocoa rose.