By Yi Tian May 12 (Bloomberg) -- Coffee rose in New York to the highest price in more than a week on speculation that output in Brazil, the world’s largest producer, may fall short of forecasts. Cocoa also gained.
Growers in Brazil will harvest 47 million bags of coffee beans this year, the Agriculture Ministry’s crop-forecasting agency said last week. That’s “well below trade estimates,” said Tom Mikulski, a senior market strategist at Lind-Waldock, a broker in Chicago.
“There’s a little bit of risk premium that got pumped back into the market,” Mikulski said. Traders need to hedge their bearish bets because “something can go wrong,” and Brazil may not have a bumper crop as expected, he said.
Arabica coffee for July delivery rose 0.7 cent, or 0.5 percent, to $1.3685 a pound on ICE Futures U.S. in New York, after touching $1.386, the highest price for a most-active contract since May 4.
Coffee will trade between $1.30 and $1.38 for the next seven to 10 days, Mikulski said. The commodity has gained 6.3 percent in the past year.
In another ICE market, cocoa for July delivery added $21, or 0.7 percent, to $2,972 a metric ton. The chocolate ingredient has jumped 25 percent in the past 12 months.
Demand for cocoa is “on the rise compared to last year,” Pierrick Chouard, the chief executive officer of closely held Vintage Plantations Chocolates, said yesterday in an interview from New York. Prices may climb to $3,500 by September, he said.
On London’s Liffe exchange, cocoa futures for July delivery rose 14 pounds, or 0.6 percent, to 2,287 pounds ($3,394) a ton. Robusta-coffee futures for July delivery gained $10, or 0.7 percent, to $1,408 a ton.
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