Sept. 26 (Bloomberg) -- Coffee futures fell the most in more than a week on signs of abundant global supplies. Orange juice slid, while cotton and cocoa gained. Sugar was steady.
Colombia, the world’s biggest grower of arabica coffee after Brazil, may gather 10.5 million bags this year, exceeding a previous target of 10 million, a growers’ group said this week. Vietnam, the leading producer of robusta beans, may harvest a record crop in the 12 months starting Oct. 1, according to Volcafe, the Winterthur, Switzerland-based coffee unit of commodities trader ED&F Man Holdings Ltd.
The Colombian estimate “adds to the idea that supply is ample and that the country’s production continues to recover,” Hernando de la Roche, a senior vice president for INTL FCStone Inc. in Miami, said in a telephone interview.
Arabica coffee for December delivery slid 1.4 percent to settle at $1.1565 a pound at 2 p.m. on ICE Futures U.S. in New York, the biggest drop since Sept. 17.
A bag weighs 60 kilograms, or 132 pounds.
Orange-juice futures for November delivery slipped 2.1 percent to $1.2775 a pound on ICE.
Also in New York, cotton futures for December delivery advanced 1 percent to 85.47 cents a pound.
Chinese output will probably drop 5.1 percent in 2013 because of reduced plantings, the China Cotton Association said today. The country is the biggest user and importer. India Meteorological Department said this season’s monsoon rains have exceeded the 50-year averages.
“We have some production worries,” Sharon Johnson, a senior market specialist at KCG Futures in Roswell, Georgia, said in a telephone interview. “The Chinese number caught many people off guard. India’s weather has been less than picture perfect, and that could delay the harvest” in the world’s second-largest grower, she said.
Cocoa futures for December delivery gained 0.9 percent to $2,597 a metric ton.
Raw-sugar futures for March delivery were unchanged at 18.19 cents pound after touching 18.24 cents, the highest in six months.
--With assistance from Andrew Willis in Bogota. Editors: Thomas Galatola, Millie Munshi