Cocoa Futures Drop as West Africa Harvest Advances; Cotton FallsLuzi Ann Javier and Marvin G. Perez
Cocoa fell as the harvest accelerated in West Africa, the world’s top producing region. Cotton capped the longest drop in more than five decades. Sugar also slid, while coffee and orange juice rose.
Mostly dry conditions will allow crop collecting to advance in the next two weeks in Ivory Coast and Ghana, the largest growers, Drew Lerner, the president of World Weather Inc. in Overland Park, Kansas, said today in a telephone interview. From Oct. 1-27, cocoa deliveries to Ivorian ports almost doubled from a year earlier, according to KnowledgeCharts, a unit of Commodities Risk Analysis in Bethlehem, Pennsylvania. Farmers are gathering the biggest of two harvests.
“Cocoa arrivals are strong, and the harvest is moving along nicely,” Jack Scoville, a vice president at Price Futures Group in Chicago, said in a telephone interview.
Cocoa for December delivery lost 1 percent to settle at $2,651 a metric ton at 1:02 p.m. on ICE Futures U.S. in New York. The price posted a weekly decline of 2.3 percent, the third straight loss.
Cotton futures for December delivery retreated 0.8 percent to 76.58 cents a pound, the 11th straight drop and the longest losing streak since at least 1961. Earlier, the price reached 76.54 cents, the lowest for a most-active contract since Jan. 16.
In the year that began Oct. 1, India, the biggest grower after China, may collect a record crop after ample rains boosted yields, according to Textiles Commissioner A.B. Joshi.
Raw-sugar futures for March delivery slid 0.4 percent to 18.25 cents a pound on ICE.
Arabica-coffee futures for December delivery gained 0.1 percent, snapping a 13-session slump, the longest slide since at least 1972. Earlier, the price touched $1.0425, the lowest since December 2008.
Orange-juice futures for January delivery rose 1.5 percent to $1.2425 a pound in New York.