Commodities for Wednesday, Feb. 13, 1985 : Coffee Futures Fall Again
CHICAGO — Coffee futures prices fell Wednesday for the fifth straight session as the approaching harvest eased concern about tight supplies. March contracts have fallen almost 10 cents a pound since Feb. 4, when they peaked at about $1.53 a pound.
Concern about low quality and tight supplies had fueled a month-long rally on the Coffee, Sugar, Cocoa Exchange in New York. But recently, shipments from producing countries have increased and relieved that concern, said Mike Paulenoff, a coffee analyst in New York with Smith Barney, Harris Upham & Co.
Livestock and meat prices were mostly lower in moderate trading on the Chicago Mercantile Exchange. A storm in the East that delayed shipments was the major factor pressuring prices, said John Ginzel, an analyst with Drexel Burnham Lambert.
A positive reaction to the exchange’s weekly report on pork bellies in storage, showing a greater decline than was expected, boosted pork belly prices slightly, Ginzel said.
Wheat and corn futures prices were mostly lower and soybeans were higher in quiet trading at the Chicago Board of Trade.
Petroleum futures rebounded on the New York Mercantile Exchange as another cold wave gripped Europe.
Gold and silver prices were slightly higher in featureless trading on the Commodity Exchange in New York.
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