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Adds background, updates prices
LONDON, Aug 24 (Reuters) – Arabica coffee futures on ICE rose to a 2-1/2-month high on Wednesday as the market continued to focus on crop concerns in top producer Brazil, while sugar and cocoa prices also climbed.
COFFEE
* December arabica coffee KCc2 was 2.6% higher at $2.34 per lb by 1435 GMT after rising to a 2-1/2-month high of $2.3840.
* Dealers said the market continued to derive support from dry weather in Brazil coffee areas, which has raised the prospect there could be insufficient moisture to sustain the development of coffee buds and cherries after heavy rains earlier this month led to some early flowering.
* They noted a rebound in exchange stocks remained a bearish influence, but was currently being outweighed by the crop concerns in Brazil.
* ICE certified arabica stocks on Aug. 23 stood at 653,667 bags, a sixth successive daily increase after setting a 23-year low of 571,580 bags on Aug. 15.
* November robusta coffee LRCc2 rose 2.3% to $2,310 a tonne after climbing to a 7-1/2-month high of $2,325.
SUGAR
* October raw sugar SBc1 rose 0.95% to 18.06 cents per lb, boosted partly by lower-than-expected sugar production in centre-south Brazil during the first half of August.
* Sugar production totalled 2.63 million tonnes, a 12% drop from the same period a year earlier, Brazilian sugar and ethanol industry group Unica reported.
* A survey of analysts issued by S&P Global Commodity Insights produced a consensus of 2.85 million tonnes.
* October white sugar LSUc1 rose 1.1% to $555.80 a tonne.
* Russia’s sixth sugar beet test since the start of the year showed the average root weight had risen to 467 grams from 408 grams in August 2021, the Russian Sugar Producers’ Union industry lobby said on Wednesday.
COCOA
* December New York cocoa CCc2 rose 2.9% to $2,387 a tonne, boosted partly a more bullish outlook on price charts.
* December London cocoa LCCc2 was up 2.35% at 1,829 pounds a tonne.
(Reporting by Nigel Hunt; Editing by Devika Syamnath and Shounak Dasgupta)
((nigel.hunt@thomsonreuters.com; +44 (0) 7990 561421; Reuters Messaging: nigel.hunt.thomsonreuters.com@reuters.net))
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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