Coffee Futures Up Sharply
Coffee futures prices advanced dramatically Friday despite a move by an international marketing agency to expand export quotas for the world trade.
Coffee prices set life-of-contract highs and were mostly up the limit of 6 cents a pound on the Coffee, Sugar and Cocoa Exchange in New York. Prices advanced strongly despite an announcement by the International Coffee Organization that high prices triggered the release of all additional increases in export quotas permitted for 1985-86.
“Basically, there’s continuing buying interest because of the continued drought in Brazil,” said Pamela Rockley, an analyst in New York with Prudential-Bache Securities.
Soybean futures prices settled lower and grains were mixed on the Chicago Board of Trade.
Analysts said unexpected rain in Brazil, where a dry spell has put extreme pressure on the bean crop, undercut futures prices, said Bob Lekberg, an analyst in Chicago with Shearson Lehman Bros.
Livestock and meat prices were mostly higher at the Chicago Mercantile Exchange.
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