Coffee retreated from its highest price in almost 13 years as traders sold futures to lock in gains amid speculation that a record crop in Brazil, the world’s largest producer, will ease tight supplies.
Cocoa futures rose to a 29-month high as speculation mounted that surging demand will outstrip supplies of the beans used to make chocolate.
Coffee futures dropped to a six- week low in New York as equities declined and the dollar rose, eroding the investment appeal of some raw materials. Cocoa also declined.
Coffee prices fell the most in a week on speculation that a bigger harvest in Brazil, the world’s largest producer, will spur sales by producers. Cocoa gained.
Coffee futures fell on signs that global supplies will be more than enough to meet demand. Cocoa, and cotton also slid. Sugar was unchanged while cotton rose.
Cocoa futures climbed to a 23-month high in New York as European processing advanced, signaling sustained demand. Sugar also rose, while orange juice, coffee and cotton declined.
Coffee prices rose in New York to the highest level in more than 12 years as the dollar fell, boosting the appeal of some commodities. Cocoa was mixed.
"News over the last couple of days on how beat up the coffee crop really is is helping people reanimate the market."
- Hector Galvan on Oct 02, 2014