Coffee surged to 16-month high as dry weather hurt crops in Brazil, the world’s largest producer, potentially tipping the global market into the first shortage in four years. Sugar rose to a three-month high.
Sugar shipments from Thailand, the second-biggest exporter, will surge 22 percent to a record this year as output expands to an all-time high and Asian demand increases, according to the Office of the Cane and Sugar Board.
The sugar cane crop in Brazil’s center south, the main growing region of the world’s biggest producer, will decline in the 2014-15 season that starts there in April, according to researcher Datagro Ltd.
Cocoa output in Ghana, the world’s biggest producer after Ivory Coast, will exceed this season’s target due to “good” weather and an increase in plantings, according to the country’s industry regulator.