March 13 (Bloomberg) -- Coffee futures fell to a one-week low as U.S. inventory rose to the highest in three years. Cocoa, orange juice, and sugar also fell, while cotton advanced.
Coffee in warehouses monitored by ICE Futures U.S. totaled 2.73 million bags today, the most since March 2010. Inventories are on pace to increase for the 11th straight month, heading for the longest streak since October 2007. Growers in Brazil, the world’s biggest producer, will harvest a record crop for a year in which trees enter the lower-yielding half of a two-year cycle, according to growers cooperative Cooparaiso. A bag weighs 60 kilograms (132 pounds).
The high stockpiles “reflect that supplies are bigger in the world right now,” Jack Scoville, vice president at Chicago- based Price Futures Group Inc., said in an e-mail.
Arabica-coffee futures for May delivery dropped 1.2 percent to settle at $1.406 a pound at 2 p.m. on ICE in New York after touching $1.401, the lowest in a week.
Also in New York, cocoa futures for May delivery slid 0.5 percent to $2,147 a metric ton, the first loss in five sessions. Orange-juice futures for May delivery fell 0.1 percent to $1.374 a pound, after reaching $1.403, the highest since Dec. 20.
Raw-sugar futures for May delivery slipped 0.1 percent to 18.8 cents a pound on ICE.
Cotton futures for May delivery advanced 1.5 percent to 88.61 cents a pound in New York. The price has climbed 18 percent this year.
--With assistance from Marvin G. Perez in New York. Editors: Thomas Galatola, Patrick McKiernan