NYBOT arabica coffee futures fell more than three percent on Wednesday as speculators sold and funds took profits from sharp gains earlier in the week, traders and analysts said.
"There was some spec selling and some profit taking on the lower levels," one trader said. December coffee, which has outpaced September in open-interest volume, fell about 3.6 percent to 69.90 cents a lb, the lower end of its 69.80 cents to 72.50 cents trading range.
September closed down 2.60 cents at 66.60 cents after trading from 66.50 cents to 69.10 cents. The rest of the contracts fell 2.35 cents to 2.55 cents. Early this week, coffee futures surged over five percent.
Jim Cordier of Liberty Trading Group said he noticed industry selling from top growers Brazil and Colombia because of the prospect of rising warehouse stocks.