Dec. 4 (Bloomberg) -- Cocoa futures fell the most in more than three weeks as dry conditions are allowing harvesting to advance in West Africa, the world’s top growing region. Coffee, sugar and orange juice also decreased, while cotton gained.
Ivory Coast and Ghana, the biggest cocoa producers, will have less rain in the next two weeks, in line with a shift to the dry season, Andy Karst, a meteorologist at World Weather Inc. in Overland Park, Kansas, said today. From Oct. 1 through Dec. 1, bean deliveries to Ivorian ports jumped 45 percent from a year earlier, according to KnowledgeCharts, a unit of Commodities Risk Analysis in Bethlehem, Pennsylvania.
“The weather has been fine for a couple of weeks, and arrivals have not been all that bad,” Jack Scoville, a vice president for Price Futures Group in Chicago, said in a telephone interview. “Cocoa seems to be there, and we’re getting past peak demand for the Christmas season.”
Cocoa for March delivery tumbled 1.4 percent to settle at $2,769 a metric ton at 12:08 p.m. on ICE Futures U.S. in New York, the biggest drop for a most-active contract since Nov. 11.
Arabica-coffee futures for March delivery slid 1.6 percent to $1.084 a pound in New York, after reaching $1.129, the highest for a most-active contract since Oct. 22.
Raw-sugar futures for March delivery slipped 0.8 percent to 16.68 cents a pound. Prices fell for an 11th session, extending the longest slump since August 2012.
Orange-juice futures for January delivery declined 0.7 percent to $1.355 a pound, a third straight drop and the longest slide since Oct. 29.
Cotton futures for March delivery rose 0.6 percent to 79.05 cents a pound.
--With assistance from Luzi Ann Javier in New York. Editors: Thomas Galatola, Joe Richter