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Adds background, updates prices
LONDON, Oct 12 (Reuters) – Arabica coffee futures on ICE fell sharply on Wednesday as a rise in exports from Brazil helped ease concern about short-term supply tightness.
COFFEE
* December arabica coffee KCc1 fell by 3.1% to $2.11 per lb by 1331 GMT.
* Arabica coffee exports from Brazil rose 18% to 2.93 million bags in September compared to the same month last year, industry group Cecafe said on Tuesday.
* They also noted rains in Brazil had aided the flowering of next year’s crop.
* January robusta coffee LRCc2 fell 0.2% to $2,155 a tonne.
SUGAR
* March raw sugar SBc1 was up 0.3% at 18.80 cents per lb with the rains in Brazil slowing the cane harvest.
* “Rainfall in Brazil will likely keep spot prices well supported,” Rabobank said in a note, adding that it was delaying the cane harvest in the centre-south region.
* Sugar production in centre-south Brazil during the second half of September totalled 1.7 million tonnes, down 27% from the same period a year earlier and below market estimates.
* Heavy rainfall has also spoiled Indian sugar mills’ plans for an early start to cane crushing so raw sugar exports could begin before supplies start coming on the market from rival exporter Thailand, a senior industry official and dealers said.
* December white sugar LSUc1 was up 0.25% at $559.40 a tonne.
COCOA
* March London cocoa LCCc2 was up 0.7% at 1,927 pounds a tonne, having touched a more than two-year peak of 1,954 pounds on Monday.
* The market was awaiting the release on Thursday of Europe’s third quarter cocoa grind.
* Cameroon and Nigeria have requested to join the Cote d’Ivoire-Ghana Cocoa Initiative (CIGCI), a joint body spearheading the interests of the two countries in the international cocoa trade, its top official said on Wednesday.
* December New York cocoa CCc1 rose 0.2% to $2,352 a tonne.
(Reporting by Nigel Hunt Editing by David Goodman, Kirsten Donovan)
(( 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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