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Updates with market activity, comments and closing prices
NEW YORK/LONDON, Sept 14 (Reuters) – Arabica coffee futures on ICE fell nearly 3% on Wednesday, extending its retreat since a six-month peak late in August, as the rainy season seems likely to return to coffee fields in Brazil, the world’s largest producer.
COFFEE
* December arabica coffee KCc2 settled down 5.85 cents, or 2.7%, at $2.1485 per lb. It was the third consecutive session of losses.
* Dealers said the market remained on the defensive due to an improved outlook for crops in Brazil with rains in the later part of September seen spurring the key flowering period.
* According to Refinitiv’s Agriculture Weather Dashboard, the main South Minas Gerais area in Brazil is seen receiving around 80 millimetres (3.15 inches) of rains in coming days.
* November robusta coffee LRCc2 fell $9, or 0.4%, at $2,230 a tonne.
SUGAR
* October raw sugar SBc1 settled down 0.11 cent, or 0.6%, at 18.27 cents per lb.
* Stronger-than-expected sugar production in Centre-South Brazil during the second half of August, however, helped to keep a lid on the market.
* Also, India is poised to allow 5 million tonnes of sugar exports in the first tranche for the new marketing year beginning October, two government sources said on Wednesday.
* October white sugar LSUc1, which expires on Thursday, fell $1.50, or 0.2%, at $604.80 a tonne, retreating further from the prior session’s 10-year high of $620.30.
* Dealers said the whites market was underpinned by tight supplies with stocks depleted in some major importing countries, exports from India remaining low while refining costs have also risen in recent months.
COCOA
* December New York cocoa CCc2settled down $38, or 1.6%, to $2,312 a tonne.
* Ivory Coast’s cocoa grind was up 9.2% year-on-year in August to 59,000 tonnes, data from exporters’ association GEPEX showed on Wednesday.
* December London cocoa LCCc2 fell 16 pounds, or 0.9%, to 1,822 pounds per tonne.
Agriculture Weather Dashboardhttps://amers2.apps.cp.thomsonreuters.com/cms/?pageid=awd-br-southeast-gfsop-degc&hour=12&date=20220914&meta-15=BRA.MG.10
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Kirsten Donovan, Jonathan Oatis and Maju Samuel)
((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net – https://twitter.com/tx_marcelo))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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