Florida’s orange crop, the world’s second-largest, will be 10 percent smaller than first forecast in October, the U.S. government said, affirming last month’s estimate and surprising analysts after beneficial rain.
Cotton futures fell, heading for the third decline in four sessions, on mounting concern that global supplies will be more than sufficient to meet demand. Orange juice fell for the first time in a week.
Unilever, the seller of Lipton tea and Dove shampoo, expects Southeast Asia’s currencies to strengthen further against the U.S. dollar and euro in the next few years as foreign investment boosts economic growth.
Cotton futures rose for the third straight session on speculation that adverse sowing conditions may curb output in the U.S., the world’s biggest exporter. Sugar and coffee also gained. Orange juice and cocoa slid.
The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.8 percent to 624.66 by 4:50 p.m. in London, heading for a monthly decline of 4.6 percent. That would be the biggest monthly drop since May. The UBS Bloomberg CMCI index of 26 raw materials was down 0.5 percent at 1,481.091.