Orange-juice futures rose for a second session on speculation that Atlantic storms may threaten groves in Florida, the world’s second-biggest citrus producer. Cotton, sugar and coffee also gained. Cocoa fell.
A tropical wave and a low-pressure area located 1,100 miles (1,770 kilometers) east of the Lesser Antilles is moving west and has an 80 percent chance of becoming a tropical cyclone in the next 48 hours, according to the National Hurricane Center in Miami. It “may eventually move toward Florida early next week,” Kyle Tapley, a meteorologist at Gaithersburg, Maryland-based MDA Information Systems Inc., said in an e-mail.
“There’s been enough activity in the last two weeks that people are trying to get ahead of any potential storm,” Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview.
Orange juice for November delivery jumped 2.5 percent to settle at $1.1095 a pound at 2 p.m. on ICE Futures U.S. in New York. The commodity has fallen 34 percent this year.
The Atlantic hurricane season runs through Nov. 30. Brazil is the top orange grower.
Cotton futures for December delivery climbed 2.1 percent to 74.83 cents a pound on ICE. Earlier, the price reached 75.31 cents, the highest for a most-active contract since Aug. 10.
Output in India, the world’s largest producer after China, may drop this year as the weakest monsoon since 2009 parches fields and curbs planting. In Gujarat, the country’s top grower, the crop may plunge as much as 30 percent in the harvest starting Oct. 1, the Gujarat State Cooperative Cotton Federation said Aug. 7.
“The failure of the Indian monsoon is the primary bullish fundamental in the market,” O.A. Cleveland, an agricultural economist and a professor emeritus at Mississippi State University, said in e-mailed report.
Also in New York, raw-sugar futures for October delivery rose 1.6 percent to 20.5 cents a pound, the biggest increase since July 20. Arabica-coffee futures for December delivery climbed 0.8 percent to $1.6455 a pound.
Cocoa futures for December delivery fell 1.4 percent to $2,408 a metric ton on ICE.