Coffee prices fall on Brazil harvest expectations

Published on April 17, 2012, by in News.

Coffee fell 4.5 cents to end at $1.747 per pound Monday. That’s the lowest level since Oct. 7, 2010, when the price was $1.7345 per pound.

In May contracts, wheat dropped 7.25 cents to $6.1625 per bushel, corn decreased 6 cents to $6.2325 per bushel and soybeans ended down 16.75 cents at $14.20 per bushel.

Wet weather also may have played a factor in falling cotton prices, Scoville said. May cotton fell 4 cents, or 4.3 percent, to 88.08 cents per pound.

Other commodities were mixed after lingering concerns about Europe’s debt problems overshadowed stronger-than-expected U.S. retail sales.

Gold for June delivery fell $10.50 to finish at $1,649.70 an ounce and May silver dropped 1.7 cents to $31.373 an ounce, May copper rose 0.1 cent to $3.628 per pound, July platinum fell $12.10 to $1,575.80 an ounce and June palladium increased $3.50 to $650.70 an ounce.

Benchmark oil rose 10 cents to finish at $102.93 per barrel on the New York Mercantile Exchange. Heating oil fell 5.8 cents to $3.1166 per gallon, gasoline futures decreased 7.91 cents to $3.267 per gallon and natural gas rose 3.5 cents to $2.016 per 1,000 cubic feet.

In other trading, prices for corn and wheat fell after weekend rains scattered across fields from the Dakotas to southern Texas. Although it’s early in the planting season, the rains should benefit crops in the field and moisten fields that are being readied for planting, said Northstar Commodity analyst Jason Ward said. Investors speculated that could improve yields at harvest time.

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