Sept. 3 (Bloomberg) -- Coffee advanced for the first time in three sessions as exports from Costa Rica and Honduras declined. Sugar also gained, while orange juice, cocoa and cotton fell.
Exports slid 21 percent to 63,918 bags in August from a year earlier, the Costa Rican Coffee Institute said. Brazil may hold a coffee-options auction by the end of this week, the National Coffee Council said Aug. 30. Exports from Honduras, the fourth-largest grower of Arabica beans, plunged 62 percent to 149,434 bags as of Aug. 30, compared with a year earlier, the Honduran Coffee Institute said in a report yesterday.
Costa Rica, Honduras and Brazil “are not exporting as much as people had expected,” Jack Scoville, a vice-president at Price Futures Group in Chicago, said by telephone. “That’s really helped” to push prices higher, he said. Brazilian farmers are holding off sales as they await the government auction of options contracts that will guarantee higher prices, he said.
Arabica coffee for December delivery climbed 0.8 percent to settle at $1.172 a pound at 2 p.m. on ICE Futures U.S. in New York. Prices declined in August for a seventh straight month, as global supply exceeds demand.
Raw-sugar futures for delivery in October advanced 0.8 percent to 16.47 cents a pound in New York.
Orange-juice futures for November delivery tumbled 3.5 percent to $1.326 a pound on ICE. Cocoa futures for December delivery retreated 0.7 percent to $2,418 a metric ton.
Cotton futures for December delivery fell 0.9 percent to 82.71 cents a pound in New York.
--Editors: Thomas Galatola, Steve Stroth