Coffee prices fell after Brazil offered discounts.
Brazil is offering discounts of 15 cents to 20 cents a pound in a bid to hold its market share of higher-grade coffee. As a result, in futures trading in New York, the December coffee contract was quoted at $1.6250 a pound, down 2.8 cents from Tuesday. Earlier, the price had fallen as low as $1.5825 a pound. The International Coffee Organization composite daily price was $1.5479 a pound Wednesday, against a 15-day average of $1.5962. The decline brings the price close to an agreed $1.45 trigger at which exporters and importers would meet to decide how to allocate production quotas to tighten the market.