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Cotton Drops as USDA Seen Raising Supply Outlook; Coffee Rises

Cotton fell for the first time this week on speculation that the U.S. Department of Agriculture may raise its forecast for global stockpiles next week. Coffee and sugar rose, while orange juice fell. Cocoa was little changed.

World inventories may total 94.63 million bales, higher than the record 94.34 million forecast by the USDA last month and up from 85.58 million a year earlier, according to the average estimate of analysts surveyed by Bloomberg. The USDA may also raise its estimate for the domestic crop, the survey showed. The USDA will update its outlook on Aug. 12.

“The weakness in the market today is about profit-taking ahead of the USDA report,” Sharon Johnson, a senior cotton specialist at Roswell, Georgia-based Knight Futures, said by telephone today.

Cotton for December delivery slipped 0.4 percent to settle at 88.93 cents a pound at 2 p.m. on ICE Futures U.S. in New York. Futures, which climbed 5 percent in the previous four sessions, ended the week 4.6 percent higher.

Arabica-coffee futures for September delivery gained 0.7 percent to $1.229 a pound in New York. Futures gained 3.9 percent this week, the most May 3.

Raw-sugar futures for delivery in October increased 1 percent to 16.98 cents a pound in New York, capping the fourth weekly gain.

Orange-juice futures for September delivery slid 3 percent to $1.343 a pound in New York, taking the weekly loss to 5.6 percent, the biggest since June 28.

Cocoa futures for December delivery added less than 0.1 percent to $2,480 a metric ton.

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