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Coffee Extends Rally on Global Supply Concerns; Cotton Advances 2014-08-27 18:48:20.305 GMT
By Marvin G. Perez Aug. 27 (Bloomberg) -- Arabica coffee for Dec. delivery adds 0.4% to settle at $1.9815/lb on ICE Futures U.S. in New York, 3rd straight gain, longest rally since July 28 * Prices earlier touched $2.027, highest since Aug. 1 * NOTE: Brazil Coffee Output Set for Worst Slump Since 1965 * NOTE: Guatemala’s Anacafe cuts coffee-crop forecast on drought * “The grave situation in Brazil remains the focus for the market,” Hernando de la Roche, a senior VP at INTL FCStone in Miami, says in telephone interview * “Guatemala’s losses and the drought conditions in Central America just add fuel to the fire” * “If the price breaks above $2.15/lb this mkt is going to make a violent move to the upside” * Cotton futures for Dec. delivery up 0.9% to 67.46c/lb * NOTE: South-Texas Cotton Crops Threatened by Showers, MDA Says * Raw-sugar futures for Oct. delivery slide 0.8% to 15.58c/lb * Cocoa futures for Dec. delivery drop 0.2% to $3,211/mt, after touching $3,300, highest since May 2011 * Orange-juice futures for Nov. delivery down 0.9% to $1.503/lb
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To contact the reporter on this story: Marvin G. Perez in New York at +1-212-617-7757 or mperez71@bloomberg.net To contact the editors responsible for this story: Millie Munshi at +1-212-617-5543 or mmunshi@bloomberg.net