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Updates with closing prices, adds comments
NEW YORK/LONDON, July 25 (Reuters) – Raw sugar futures on ICE fell to their lowest in a year on Monday on bets for ample supplies next season from top producer Brazil and widespread fears of a global recession. MKTS/GLOBO/RFRX/
SUGAR
* October raw sugar SBc1settled down 0.42 cents, or 2.3%, to 17.47 cents per lb, its lowest level since July 21, 2021.
* Recession fears dominated in wider financial markets ahead of the Federal Reserve’s two-day policy meeting this week.
* Dealers said the fears were weighing on sugar, adding that investors are also increasingly of the view that Brazil will produce more sugar than expected this year.
* Brazil’s government decision to postpone compliance with its renewable fuel targets was seen as bearish as it will further drive mills away from ethanol production and towards more sugar.
* A Syrian state agency has issued a tender to buy about 25,000 tonnes of raw sugar, European traders said.
* October white sugar LSUc1 fell $11.30, or 2.2%, to $512.10 a tonne.
COCOA
* September New York cocoa CCc1 rose $79, or 3.4%, to $2,376 a tonne.
* A dry spell in most of top producer Ivory Coast’s cocoa growing regions was offset by good soil moisture from earlier rains, farmers said, adding that cold weather was a concern for the upcoming main crop.
* Cocoa arrivals at ports in Ivory Coast reached 2.013 million tonnes between Oct. 1 and July 24, down 4.1% from the same period last season, exporters estimated.
* September London cocoa LCCc1 rose 43 pounds, or 2.5%, to 1,742 pounds per tonne.
COFFEE
* September arabica coffee KCc1 rose 3.35 cents, or 1.6%, to $2.1005 per lb.
* The market remained choppy with prices weighed down by good harvest progress in top producer Brazil and a weak Brazilian currency that boosts farmer selling.
* Prices remain underpinned, however, by falling stocks and dry weather in Brazil, which could hamper production prospects for the next season. ICE certified stocks fell to 704,848 bags, sharply down from 2.19 million bags a year ago.
* September robusta coffee LRCc2 rose $11, or 0.6%, to $1,973 a tonne.
(Reporting by Marcelo Teixeira and Maytaal Angel; editing by Paul Simao and Devika Syamnath)
((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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