ICE Cotton Futures Rebound; Arabica Coffee Eases
NEW YORK--Cotton futures rebounded from their lowest settlement in more than a month, buoyed by
concerns over near-term supplies and dry weather in the top U.S. growing state.
Cotton for delivery in July on the ICE Futures U.S. exchange was up 2.2% at 92.47 cents a pound,
while May-delivery cotton was up 2.3% at 91.03 cents a pound.
Futures prices settled Friday at the lowest point since March 5 after the U.S. Department of
Agriculture reported that the cancellation of export sales outpaced sales for the first time in
almost two years.
But Friday's price drop appeared to be excessive, considering the current supplies and a drought
in Texas, said Sharon Johnson, an Atlanta-based cotton specialist representing KCG Futures. "I think
we just got too cheap," she said.
Texas produces more cotton than any other U.S. state, and its cotton-growing regions are
experiencing extremely dry weather, according to the U.S. Drought Monitor.
Arabica-coffee futures fell Monday after rising to a more than two-year high last week on the
worst drought in decades in Brazil, the world's biggest coffee producer and exporter. Forecasters
have cut their estimates for the harvest as the dry weather is expected to have limited the size and
quality of the current crop.
While profit-taking was likely behind Monday's move lower, the threat of a smaller-than-expected
crop is likely to keep coffee in a range of $1.90 to $2.05 a pound for the next two weeks, said
Julio Sera, a senior risk management consultant at INTL FCStone in Miami.
Coffee for delivery in July was down 1.6% at $2.0030 a pound, while coffee for May was down 1.7%
at $1.9785 a pound.
Cocoa for July was 0.5% lower at $2,984 a ton, while May cocoa was down 0.5% at $2,973 a ton. Raw
sugar for July was up 0.3% at 17.52 cents a pound, while May sugar was up 0.5% at 16.88 cents a
pound.
Orange-juice futures for May were down 0.6% at $1.6405 a pound, while July was 0.8% lower at
$1.6170 a pound.
Nenhum comentário:
Postar um comentário