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LONDON, Feb 24 (Reuters) – Raw sugar prices on ICE fell on Friday, heading for a 1% weekly decline as the market consolidates after hitting a six-year high hit this month.
ICE New York cocoa futures slipped after touching a one-year high this week while arabica coffee prices fell from this week’s four-month peak.
SUGAR
* March raw sugar SBc1 was down 0.6% at 21.45 cents per lb by 1313 GMT.
* Dealers said there is good support for sugar below 20 cents because near-term supplies remain tight. They noted, however, that funds are likely to remain heavily long on sugar and may not increase their position much more.
* A bigger Brazilian sugarcane crop is expected to result in more of the biofuel hydrous ethanol being used to fill cars this year than in 2022, broker and analyst StoneX said.
* Mills, however, are widely expected to favour sugar production over ethanol with the new crop, as they did in the previous season, it added.
* May white sugar LSUc1 fell 1% to $568.70 a tonne.
COFFEE
* May arabica coffee KCc2 fell 0.6% to $1.8855 per lb after hitting a four-month high of $1.9415 this week.
* “From today’s prices, we turn neutral to mildly bearish,” Rabobank said in a note. “The bullish view of our November and January reports has materialised (and) Central American sales and exports have improved.”
* Brazilian Trade Ministry data showed coffee exports fell 45% in February and broker HedgePoint cut its projection for the new crop.
* May robusta coffee LRCc2 fell 0.7% to $2,147 a tonne.
COCOA
* May New York cocoa CCc2 was down 0.5% at $2,757 a tonne, having hit a one-year high of $2,812 on Tuesday.
* Ivory Coast’s cocoa regulator has restricted 20 major traders, including Cargill and Barry Callebaut, from purchasing beans for export after they reached their buying limits.
* May London cocoa LCCc2 was flat at 2,119 pounds per tonne.
(Reporting by Maytaal Angel Editing by David Goodman)
((maytaal.angel@thomsonreuters.com(00442075429105)(Reuters Messaging: maytaal.angel.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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