Robusta coffee rose to the highest in more than five months in London amid lack of selling during a holiday in Vietnam and after the arabica variety in New York surged the most since 2004. Sugar was little changed.
Sugar traders are the most bearish in more than four months on speculation India, the world’s second-largest producer, will ship more sweetener this year, expanding a glut accumulated over the past three seasons.
India, the world’s second-biggest grower of rice and wheat, may produce a record quantity of food grains in the 2013-14 season as planting expands after monsoon rains covered the entire nation early, Agriculture Minister Sharad Pawar said.
Bajaj Hindusthan Ltd. , India’s biggest sugar maker, and its domestic rivals surged in Mumbai after the farm minister said the time is right to scrap controls on the producers amid forecasts for a rebound in the country’s output.
India, the world’s biggest consumer of sugar, is planning to increase ethanol production to protect mills from falling prices of the sweetener as the country expects a bumper crop next year, Farm Minister Sharad Pawar said.