Arabica coffee futures climbed for the sixth straight day in New York following renewed concerns over cold weather in top producer Brazil.
Low temperatures are expected to hit Brazil coffee producing regions by the weekend, putting traders on alert after minor damage from isolated frost was seen in the previous week.
While a chance for frost between Sunday, Augsust 18 and Monday August 19, 2024, can’t be ruled out, the impacts of cold weather will likely be small, Rural Clima meteorologist Marco Antonio dos Santos said Wednesday.
Temperatures are swinging from strong heat to cold in a crucial moment for the development of trees ahead of the upcoming season.
Arabica crops need mild temperatures and regular rainfall during the flowering period that starts in September, but weather has been erratic, with dryness also reported recently.
The most-active arabica contract gained as much as 1.4% in New York. Futures are on the longest winning streak since April.
In other softs markets, cocoa futures pared gains after reaching the highest in a month in New York.
While the Ghana Cocoa Board reduced the harvest target at the world’s second-largest supplier, the outlook for a cocoa bean output of 650,000 metric tons is still better when compared to market estimates for the season that is now ending.
Meanwhile, cocoa is trading at $7,697 per metric tonne on the world market.
Latest Stories
-
NIB MD sweeps two CEO of the Year awards in Finance and Transformational Leadership
3 minutes -
Serene Insurance joins 2025 JoySports Invitational Tournament
8 minutes -
ADB records GH¢230m profit after tax in 6 months
13 minutes -
We wanted a ring-fenced fund, and we got it – Kwame Sarpong Asiedu backs MahamaCares bill
20 minutes -
‘JoyNews NCDs Dialogue reflected in law’ – CDD’s Kwame Asiedu on Ghana Medical Trust Fund
39 minutes -
‘No life can wait’ – Prof Titus Beyuo defends urgent passage of Ghana Medical Trust Fund bill
1 hour -
Bawku: When the Stool Weeps and the Gun Laughs
1 hour -
De exchange rate discrepancy dey affect Ghana’s economy bad bad
2 hours -
Powerful quake in Russia’s Far East causes tsunami, Japan and Hawaii order evacuations
2 hours -
Nigerian gets 12 months for identity falsification
2 hours -
So Why Are We Lacking Vitamin D?
2 hours -
Second witness in Adu Boahen, others trial to testify before July 31 – AG
2 hours -
IGP engages communities over Asawase, Tulaku disturbances
2 hours -
Adu-Boahen trial: Court orders police to give information to defence counsel
2 hours -
YouTube to be included in Australia’s teen social media ban
3 hours