Oct. 23 (Bloomberg) -- Cocoa slid the most in nine weeks as farmers collect crops in West Africa, adding to global supply. Cotton, sugar and coffee fell, while orange juice rose.
The main growing regions in Ivory Coast and Ghana will get below-normal rainfall in the next two weeks, allowing the harvest to accelerate, Donald Keeney, a senior agricultural meteorologist at MDA Weather Services Inc. in Gaithersburg, Maryland, said today. Bean deliveries to ports in Ivory Coast were estimated at 106,000 metric tons from Oct. 1 to Oct. 20, up from 47,000 tons a year earlier, according to data on the website of KnowledgeCharts, a unit of Commodities Risk Analysis.
“The harvest should be starting to get underway,” Jack Scoville, a vice president at Price Futures Group in Chicago, said by telephone. “It’s awfully hard for the market to rally at harvest, no matter how bad it is.”
Cocoa for December delivery lost 2 percent to settle at $2,714 a ton at 12:10 p.m. on ICE Futures U.S. in New York, the biggest drop for a most-active contract since Aug. 21.
Futures have rallied 21 percent this year on concern that drier-than-normal weather during the growing season in Ivory Coast and Ghana, the top producers, will curb output.
Cotton futures for December delivery tumbled 2.1 percent to 80.69 cents a pound, after touching 80.52 cents, the lowest for a most-active contract since June 3.
As of Oct. 20, 44 percent of the crop in the U.S., the top exporter of cotton, was rated in good-to-excellent condition compared with 42 percent a year earlier, the government said.
“The better rating for the U.S. crop is probably weighing on prices,” Sharon Johnson, a senior market specialist at KCG Futures in Roswell, Georgia, said in a telephone interview.
Raw-sugar futures for March delivery fell 0.9 percent to 19.28 cents a pound in New York. Arabica-coffee futures for December delivery slipped 1.3 percent to $1.1055 a pound, after touching $1.105, the lowest for a most-active contract since March 17, 2009.
Orange-juice futures for January delivery advanced 3 percent to $1.21 a pound on ICE, snapping a 10-session retreat.
--Editors: Thomas Galatola, Millie Munshi