* Weak Brazilian currency attracts commodity selling there
* Brazil delivers 320 60-kg bags of coffee to ICE
* Brazilian arabica deliverable to ICE at 900-point discount
NEW YORK, June 21 (Reuters) - ICE Futures U.S. has certified
coffee grown in top producer Brazil, exchange data showed. This
was the first time the South American country delivered beans to
New York and came as the futures market held its downtrend.
The ICE certified stocks report earlier this week showed
that 320 60-kg bags of arabica beans from Brazil were delivered
to New York this week.
The move took place as Brazil harvests a huge crop that has
pushed the arabica futures market to a four-year low. By 10:49
a.m. EDT (1449 GMT), the benchmark ICE arabica futures contract
had risen 1.8 percent to $1.2050 per lb, bouncing up
after sinking to a four-year low of $1.1710 on Thursday.
Brazil's currency, the real, has recently been weakening,
encouraging origin selling of dollar-traded commodities as it
boosts local incomes from the sale.
In 2010, the exchange approved Brazil as a deliverable
origin, effective for March 2013 delivery, but Brazilian
producers had been receiving better prices on the physical
market, causing U.S. dealers to shrug off the idea of Brazilian
deliveries earlier this year.
ICE certified coffee is washed arabica coffee, typically
resulting in higher-quality beans than unwashed. The majority of
Brazil's arabica coffee is unwashed, or natural, though
producers have been increasing the amount of washed and
semi-washed beans that they process in recent years.
The acceptance of Brazilian coffee coincided with the
exchange amending its certification standard to include being
"free from all unwashed and aged flavors in the cup."
Brazilian beans are delivered to ICE at a 900-point
differential under the benchmark price.