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DJ ICE Coffee Review: Up As Shorts Cover; Equities, Oil Rise

Other Topics:
Ethiopian Coffee

Dow Jones Commodities News via Comtex
October 17, 2008

Arabica coffee futures reached two-day highs on ICE Futures U.S. Friday, retracing Thursday's losses as shorts covered while other commodities and the stock market advanced.

Procter & Gamble (PG) Folgers lowered ground prices by 10 cents per 10.3- to 11.5-ounce can or 3.5%, effective immediately, reflecting lower green values in recent weeks, the company said Friday.

December arabica coffee settled 265 points higher at $1.1560 a pound, with March gaining 260 points to $1.2045.

"We added a little to morning gains this afternoon," a New York desk trader said. "Shorts covered since the stock market and oil are up and the dollar was down. It's positive that we managed to stay above last week's contract lows this week."

ICE futures volume at 2 p.m. EDT was estimated at 11,164 lots, and in options, 3,108 calls and 2,664 puts traded, the exchange said.

In addition to its ground price cut, Folgers lowered instant coffee prices by 3 cents per ounce Friday. Folgers spokeswoman Jen Becker said "this price decrease is due to the volatility of green coffee prices over the last 30 days. The 30-day moving-average composite price of NY 'C' arabica and London robusta markets has declined 10 cents per pound versus our previous price."

When green-coffee market changes are significant, the company adjusts its list prices. Folgers last adjusted prices in late March.

New Orleans has stayed competitive as a coffee port after Hurricane Katrina and continues to benefit from an early 1990s decision that turned Mississippi River grain elevators into a modern arrival center for beans, industry members said at the National Coffee Association conference in New Orleans this week. Thomas Westfeldt, president of importer Westfeldt Brothers Inc., said "everyone is back here, including Folgers, Sara Lee, American Coffee and many other roasters, along with the importers, warehouses, banks and truckers," after Katrina struck three years ago.

The port, which is second to the New York-New Jersey terminals in U.S. coffee receipts, brings in more than 250,000 tons of foreign beans yearly, much of which is for Folgers, owner of the world's biggest roasting plant in East New Orleans.

Late last week, New Orleans-based Reily Foods Co., maker of Luzianne, CDM and JFG coffee brands, said it acquired century-old American Coffee Co., producing French Market blend.

J.M. Smucker Co. (SJM) this summer agreed to acquire Folgers and said it plans to continue operating the New Orleans plant and distribution facility. P&G will split off Folgers, completing the transaction early this fall. Last week, Smucker said P&G had proceeded with an exchange offer for P&G stock.

ICE December finds support at $1.1355-$1.1350, $1.1325, $1.13, $1.1295 and $1.1275, with resistance at $1.1635, $1.1645-$1.1650, $1.1675, $1.1690 and $1.17.

ICE Change Range at 3:15pm ET Liffe Change Dec 115.60 up 2.65 113.55-116.35 Nov 1740 up 40 Mar 120.45 up 2.60 118.50-121.10 Jan 1794 up 33

-By Susan Buchanan, Dow Jones Newswires; 504-371-5461; susan.buchanan@dowjones.com

(END) Dow Jones Newswires

10-17-08 1537ET
For full details on Procter & Gamble Co (PG) click here. Procter & Gamble Co (PG) has Short Term PowerRatings of 5. Details on Procter & Gamble Co (PG) Short Term PowerRatings is available at This Link.

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