BLBG:Yen Strengthens to Postwar Record Versus Dollar Amid Global Growth Concern
Sugar rose, capping the biggest weekly gain since December, on increasing signs of lower output in Brazil, the world’s largest exporter. Coffee and cocoa rose.
Sugar-cane crops in Brazil’s Center South, the largest growing region, “continue to fall below expectation,” Datagro Ltd. said yesterday. Yields were hurt by a drought last year and frost in June and August, the research company said. Futures in New York jumped 11 percent this week.
“The deficits in Brazil this year are really making this a bull market,” Hector Galvan, a senior trading adviser at RJO Futures in Chicago, said in an e-mail.
Raw sugar for October delivery rose 1.84 cents, or 6.3 percent, to settle at 30.96 cents a pound at 2 p.m. on ICE Futures U.S. in New York, the biggest gain for a most-active contract since July 7. The price has jumped 59 percent in the past 12 months.
Arabica-coffee futures for December delivery rose 1.45 cents, or 0.5 percent, to $2.6985 a pound in New York. This week, the commodity gained 11 percent, the most since June 2010. The price has climbed 50 percent in the past year.
Cocoa futures for December delivery rose $19, or 0.6 percent, to $3,004 a metric ton. The price gained 3.3 percent this week.
On NYSE Liffe in London, sugar and cocoa rose, while robusta fell.
To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net