[ad_1]
Updates with market activity, comments and closing prices
NEW YORK, Dec 27 (Reuters) – Raw sugar futures on ICE closed more than 3% down on Tuesday amid a technical correction and bearish news from Brazil, while arabica coffee also fell.
SUGAR
* March raw sugar SBc1 settled down 0.66 cent, or 3.1%, at 20.32 cents per lb. The contract hit the highest level for the front month since February 2017 on Friday at 21.18 cents.
* Dealers cited news from top producer Brazil and a technical correction in the sugar market, after a large increase in speculators’ long position recently.
* Brazil’s government raised its estimates for the country’s sugar and ethanol production in the 2022/23 season on Tuesday.
* In other news, Brazil is likely to extend a federal taxes exemption for fuels over January as the new administration takes over and evaluates long-term outlook for fuel prices.
* The extension means gasoline will remain more competitive than ethanol, leading mills to focus on sugar production next season.
COFFEE
* March arabica coffee KCH3 settled down 5.05 cents, or 2.9%, at $1.6695 per lb. The contract had reached a one-week peak of $1.7265 on Friday.
* Dealers said some investors unwinded on Tuesday protective positions built prior to the long holiday.
* Arabica coffee has been trading in a relatively short range between $1.55 and $1.70 since late November.
* Uganda’s coffee exports declined 15% in November from the same period a year ago, as drought reduced yields in some regions
COCOA
* March New York cocoa CCc1 settled up $5, or 0.2%, to $2,633 a tonne, hitting their highest price in nearly nine months.
* Cocoa arrivals at ports in top grower Ivory Coast had reached 1.172 million tonnes by Dec. 25 since the start of the season on Oct. 1, up 14.1% from the same period last season.
* Ivory Coast’s cocoa grind was up 6.9% year on year in November to 113,803 tonnes.
(Reporting by Marcelo Teixeira; Editing by David Gregorio and Shailesh Kuber)
((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.
[ad_2]
Source link
