Coffee Futures Rise as Rain Delays Harvest; Sugar Advances
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Coffee futures rose for a second straight session on speculation that rain will slow the harvest in Brazil, the world’s largest producer. Sugar also gained.
Heavy precipitation will cover Parana and the southern part of Sao Paulo state this week, according to forecaster Somar Meteorologia in Sao Paulo. The Mogiana region and the southern part of Minas Gerais state, where nearly half of Brazil’s coffee is grown, will get more scattered rainfall, Somar said today in an e-mailed report. Plantations are located mostly in Minas Gerais, Sao Paulo and Parana. Brazil is expected to produce 48.6 million bags in 2013, the country’s crop-forecasting agency, known as Conab, said on May 14.