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Coffee Drops to 30-Month Low; Cocoa, Cotton, Orange Juice Slide

Coffee futures fell to a 30-month low in New York on signs of improving supplies from Brazil, the world’s top producer and exporter. Cocoa, cotton and orange juice also slid, while sugar advanced.

For the 12 months that start on April 1, Brazilian farmers may reap as much as 52.3 million bags of coffee, compared with 54.4 million a year earlier, according to Safras & Mercado. Output usually drops in alternate years because of growing cycles. Next year’s crop, which was due to be smaller, will be a record for a low-yielding season, Diogo Metzdorff, an analyst for the Porto Alegre-based consulting firm, said today in a telephone interview.

The estimate “confirms not only that production next year will be big, but also that the biennial differences are shrinking,” Hernando de la Roche, a senior vice president at INTL FCStone in Miami, said in a telephone interview. “We will not have big declines from one year to the next.”

Arabica coffee for March delivery dropped 1.3 percent to settle at $1.4295 a pound at 2 p.m. on ICE Futures U.S., extending this year’s slump to 37 percent.

Earlier, the commodity touched $1.418, the lowest for a most-active contract since June 11, 2010. A bag weighs 60 kilograms, or 132 pounds.

Cocoa futures for March delivery retreated 1.3 percent to $2,328 a metric ton on ICE, paring this year’s advance to 10 percent. Earlier, the price reached $2,311, the lowest since July 27.

Also in New York, cotton futures for March delivery slipped 0.1 percent to 75.83 cents a pound. This year, the fiber has plunged 17 percent.

Orange-juice futures for March delivery tumbled 2.8 percent to $1.3805 a pound on ICE, snapping an eight-session rally.

Raw-sugar futures for March delivery increased 0.1 percent to 19.25 cents a pound in New York. This year, the sweetener is down 17 percent.

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