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Coffee in New York falls as dry weather aids Brazil’s harvest
25 | 06 | 2007
Coffee fell to a one-week low in New York on forecasts for a week of dry weather that may aid the harvest in parts of Brazil, the world’s biggest producer.
There will be little or no rain during the next seven days and temperatures will be near to above normal, according to Meteorlogix LLC in Woburn, Massachusetts. The coolest temperatures will range from the mid-50s to mid-60s Fahrenheit (13 to 18 Celsius), the forecaster said. Brazil's harvest is from April through October.

``The dry, warm weather is ideal right now,'' said Nell Sloane, a broker for NS Futures in Chicago, a division of Man Financial Inc. ``You just have a lot of coffee coming to market'' from Brazil.

Coffee futures for September delivery fell 1.6 cents, or 1.4%, to US$1.1545 a pound at 11:23 a.m. on the New York Board of Trade. Earlier, the price reached US$1.146, the lowest for a most-active contract since June 8.

Prices reached a three-month high of US$1.19 June 11 partly on concerns that a frost may affect coffee-growing areas in Brazil.

``A lack of threatening weather, that's pretty much driving it,'' said Adam Klopfenstein, a senior market strategist for Lind-Waldock in Chicago, also a division of Man Financial Inc.

Futures also rose earlier this month on speculation that tight supplies of robusta coffee traded in London may create demand for arabica beans traded in New York. A short supply of robusta beans from Vietnam, the world's largest producer of that variety, pushed futures in London to the highest since 1998 on June 12.

Robusta beans are used for espresso and instant coffee. The arabica variety is used by coffeehouse operators such as Seattle-based Starbucks Corp.


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