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Coffee Slides on Ample World Supply; Cotton, Sugar, Cocoa Drop

Coffee futures fell for the second time this week as rising inventories and the harvest in Brazil signaled ample global supplies. Cotton, sugar and cocoa also dropped, while orange juice rose.

Stockpiles at warehouses monitored by ICE Futures U.S. climbed this week to the highest since February 2010, according to exchange data compiled by Bloomberg. By Aug. 22, farmers in Brazil, the world’s top producer and exporter of coffee, gathered 86 percent of this year’s crop, which is expected to be a record for the low-yielding half of the biennial harvest, consulting firm Safras & Mercado said Aug. 27.

“The inventories are still rising, and that shows buyers have no immediate needs,” Hernando de la Roche, a senior vice president at INTL FCStone in Miami, said in a telephone interview. “With Brazil’s harvest almost done, that’s adding to supplies.”

Arabica-coffee futures for December delivery dropped 0.7 percent to settle at $1.1765 a pound at 2 p.m. on ICE in New York. The commodity has tumbled 18 percent this year.

Cotton futures for December delivery slid 0.6 percent to 83.24 cents a pound on ICE, dropping for a third straight day. Earlier, the fiber touched 83.22 cents, the lowest for a most-active contract since July 1.

Export Sales

In the week ended Aug. 22, export sales of upland cotton from the U.S., the largest exporter, fell 15 percent from the previous week, the U.S. Department of Agriculture said today. Growing areas in Georgia, the second-largest grower, and South Carolina will be drier than normal next week, easing concern that wet conditions will hamper crops, according to Bethesda, Maryland-based Commodity Weather Group.

“There were expectations for better” export sales, “but that was not the case,” Sharon Johnson, a senior market specialist at KCG Futures in Roswell, Georgia, said in an e-mail.

Raw-sugar futures for October delivery slipped 0.4 percent to 16.37 cents a pound on ICE, the third consecutive decline. Cocoa futures for December delivery dropped 0.8 percent to $2,479 a metric ton in New York.

Orange-juice futures for November delivery advanced 1.1 percent to $1.382 a pound.

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