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Cocoa Climbs to Two-Year High on Deficit Outlook; Coffee Drops

Cocoa futures rose to a two-year high amid mounting signs that global output won’t be enough to meet demand. Coffee, cotton and orange juice slid.

Cocoa for March delivery advanced 0.9 percent to settle at $2,813 a ton at 12:03 p.m. on ICE Futures U.S. in New York, after reaching $2,844, the highest for a most-active contract since Sept. 14, 2011. The commodity may reach $3,090 by mid-January.

Also in New York, arabica-coffee futures for March delivery slipped 0.9 percent to $1.099 a pound.

Cotton futures for March delivery declined 0.9 percent to 78.62 cents a pound.

Orange-juice futures for January delivery fell 0.3 percent to $1.393 a pound.

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