Commodities : Monday, Nov. 11, 1985 : Coffee Futures Turn Higher
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Coffee futures prices rallied Monday on the Coffee, Sugar and Cocoa Exchange in New York because of concern about dry weather in Brazil.
Prices were weak early in the session in response to a report that a Brazilian government agency had established discount prices to coffee roasters to induce new sales, which had been curtailed because of the recent surge in prices.
Later in the session, however, traders became concerned about the lack of rainfall in Brazil, and prices rallied, said Nauman Barakat, a coffee analyst in New York with Smith Barney, Harris Upham & Co.
No rain fell over the weekend and none is in the forecast until at least Wednesday, Barakat said, and rainfall is badly needed this week to help the drought-ravaged crop.
Wheat futures prices were higher and corn and soybeans were mixed on the Chicago Board of Trade.
Most prices remained in a narrow range, but wheat rallied late in the session with buying coming primarily from speculators, said Victor Lespinasse, a grain analyst in Chicago with Dean Witter Reynolds.
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