Coffee Falls to One-Month Low; Cocoa, Cotton, Sugar DropYi Tian
Coffee futures fell to a one-month low on signs of ample U.S. inventory. Cocoa, cotton, sugar and orange juice also dropped.
Stockpiles of coffee monitored by ICE Futures U.S. reached 2.63 million bags on Feb. 1, the highest since March 2010. Exports from Honduras, the biggest grower in Central America, jumped 56 percent in January from a year earlier.
“Early-season exports came in quite strong,” John Caruso, a senior commodity broker at Chicago-based RJO Futures, said in a telephone interview. “It seems we have a lot of coffee around.”
Arabica-coffee futures for March delivery fell 2.4 percent to settle at $1.4435 a pound at 1:52 p.m. on ICE in New York. Earlier, the price touched $1.4395, the lowest for a most-active contract since Jan. 4.
The commodity has slumped 33 percent in the past year on forecasts of higher output in Brazil, the world’s largest producer. A bag weighs 60 kilograms, or 132 pounds.
Cocoa futures for March delivery dropped 0.6 percent to $2,192 a metric ton on ICE.
Cotton futures for March delivery declined 1.5 percent to 81.74 cents a pound in New York, while raw-sugar futures for March delivery fell 0.8 percent to 18.73 cents a pound.
Orange-juice futures for March delivery dropped 1.1 percent to $1.204 a pound on ICE, snapping a six-session rally.