Sugar fell, capping the biggest monthly decline since August, on signs of increasing supplies of the sweetener from Brazil, the world’s top producer. Cocoa, cotton and orange juice also dropped. Coffee gained.
The amount of sugar waiting to be loaded at ports in Brazil rose 13 percent in a week, according to figures e-mailed May 29 from Williams Servicos Maritimos Ltda., a Recife, Brazil-based shipping agency. Output in the country’s main growing region more than doubled in the first half of May from a year earlier, according to industry group Unica.
Prices are down on “just the saturation of supply,” George Kopp, a senior analyst at International Futures Group, said in a telephone interview from Greenville, South Carolina. “It’s just strictly all the supply out there.”
Raw sugar for delivery in July decreased 0.6 percent to close at 16.55 cents a pound at 2 p.m. on ICE Futures U.S. in New York, extending the monthly drop to 6 percent, the biggest loss since August.
Cocoa futures for delivery in July slid 0.9 percent to $2,191 a metric ton in New York. Prices retreated 7.5 percent this month, the largest decline this year.
Cotton futures for July delivery dropped 1 percent to 79.36 cents a pound on ICE, the ninth straight loss and the longest slump since May 14, 2012.
Orange-juice futures for July delivery fell 1.6 percent to $1.5135 a pound, paring this month’s gain to 7.8 percent, the fifth straight increase.
Arabica-coffee futures for delivery in July rose 1 percent to $1.2705 a pound on ICE.