Coffee futures rose for the first time in eight sessions Wednesday on signs of an uptick in demand in consuming regions.
Arabica coffee for March delivery ended up 1.4% at $1.201 a pound on the ICE Futures U.S. exchange. Several agricultural commodities rose after the Federal Reserve increased its projection for economic growth, with officials expecting the economy to grow at a 2.5% rate this year and next. In September, those projections were 2.4% and 2.1% respectively.
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On Wednesday, Rabobank released a report showing a 6.5% year-over-year growth in net import growth in 17 non-coffee producing countries, with strong net imports into Turkey, Russia, Taiwan, South Korea, Australia and Argentina.
The firm said it expects arabica prices to end 2018 at $1.34 a pound. However, the firm downgraded its projections for a supply-demand deficit in coffee in 2017/2018 due to an expected uptick in production and lower demand.
In other markets, raw sugar for March rose 0.6% to end at 13.85 cents a pound, cocoa for March was up 1.1% to close at $1,888 a ton, frozen concentrated orange juice for January lost 1% to settle at $1.4845 a pound, and March cotton rose 1.7% to settle at 74.13 cents a pound.
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(END) Dow Jones Newswires
December 13, 2017 17:11 ET (22:11 GMT)