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Raw sugar prices ease; coffee and cocoa also down

LONDON: Raw sugar futures on ICE were slightly lower on Friday as the market awaited the release of production data for Centre-South Brazil over the second half of May.

The report is expected to be issued at about 1400 GMT.

Sugar

July raw sugar was down 0.6% at 19.18 cents per lb by 1113 GMT.

Dealers said a report by Brazilian cane industry group Unica was expected to show a pick-up in sugar production after a slow start to the season, though it is likely to remain below the same period last season.

They noted that strong exports and an improving production outlook in India continued to keep a lid on prices.

“This is probably one reason why the sugar price has been unable to lastingly exceed the 20 cents per pound mark,” Commerzbank said in a note.

August white sugar fell 1.1% to $572.10 a tonne.

Raw sugar hits four-week low as dealers eye India, Brazil supplies

Coffee

September arabica coffee fell 0.8% to $2.3290 per lb.

Dealers said the market remained underpinned, however, by the low level of ICE certified stocks and strong differentials in the physical market.

September robusta coffee fell 0.1% to $2,106 a tonne.

The U.S. Department of Agriculture Foreign Agricultural Service said coffee production in Vietnam was expected to total 30.93 million bags in 2022/23, down from the previous season’s 31.58 million bags.

“Although production is slightly lower than the previous year, the 2022/23 crop is also considered a good year for coffee production thanks to favorable weather conditions,” the report on the world’s top robusta producer said.

Cocoa

September New York cocoa fell 0.3% to $2,466 a tonne.

September London cocoa fell 0.2% to 1,759 pounds per tonne.

Raw sugar prices ease; coffee and cocoa also down

Source: Brecorder

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