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Updates with comments and closing prices
NEW YORK/LONDON, July 27 (Reuters) – Raw sugar futures on ICE fell to a one-year low on Wednesday, weighed partly by stronger-than-expected production in the centre-south region of Brazil during the first half of July.
SUGAR
* October raw sugar SBc1 fell 0.07 cent, or 0.4%, to 17.40 cents per lb after dipping to a one-year low of 17.32 cents.
* Sugar production in Brazil’s centre-south totalled 2.97 million tonnes in the first half of July, sugar and ethanol industry group Unica said on Wednesday.
* Production had been expected to be around 2.84 million, according to a survey from S&P Global Commodity Insights.
* The volume of cane crushed was also significantly higher than expected at 46.34 million tonnes.
* “At the rate the mix is increasing, we should see sugar production exceed last year in the next report,” said a broker, referring to stronger cane allocation to sugar production by mills in Brazil.
* October white sugar LSUc1 rose $0.20 to $510.20 a tonne.
COFFEE
* September arabica coffee KCc1 gained 5.9 cents, or 2.8%, to $2.191 per lb.
* Dealers said the market continued to derive support from falling exchange stocks. ICE certified stocks, as of July 27, stood at 700,335 bags, sharply down from 2.18 million bags a year ago.
* They also noted if the weather in top producer Brazil remains dry in coming weeks it could have an adverse impact on next year’s crop.
* Brazil harvest remains below normal pace, Cooxupe said.
* September robusta coffee LRCc2 rose $35, or 1.8%, to $2,009 a tonne.
COCOA
* September New York cocoa CCc1 fell $45, or 1.9%, to $2,355 a tonne, slipping back after earlier climbing to a one-month peak of $2,410.
* September London cocoa LCCc1 fell 26 pounds, or 1.5%, to 1,742 pounds per tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Shinjini Ganguli, Shailesh Kuber and Krishna Chandra Eluri)
((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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