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Updates with market activity, adds closing prices and comments
NEW YORK/LONDON, Sept 21 (Reuters) – Raw sugar futures on ICE steadied on Wednesday after rallying 3% in the previous session, as traders awaited news on Indian exports amid near-term supply tightness.
SUGAR
* October raw sugar SBc1 settled up 0.03 cent, or 0.2%, at 18.22 cents per lb, extending the market’s rebound from a seven-week low of 17.50 cents set on Monday.
* India will announce a quota for sugar exports “very soon” for the new season beginning Oct. 1, Food Secretary Sudhanshu Pandey said. Reuters reported last week that India was set to allow exports of 5 million tonnes of sugar in the first tranche for the new marketing year.
* Indian government officials have also been asking mills to produce more ethanol and less sugar, according to local media.
* Dealers noted the increased premium for near-term sugar futures versus those further out 0#LSU:. The premium indicates supplies are tight for now, though they are expected to ease during the 2022/23 season (October/September).
* December white sugar LSUc1settled down $6.10, or 1.2%, at $521.60 a tonne.
COFFEE
* November robusta coffee LRCc2 settled down $10, or 0.4%, at $2,226 a tonne, having gained 1.6% on Tuesday.
* Uganda’s coffee exports plummeted 28.5% year on year in August, hurt by a drought that blighted crops in parts of the country and squeezed yields, the coffee industry regulator said. Uganda, which predominantly cultivates robusta, is Africa’s largest exporter of coffee.
* December arabica coffee KCc2 settled down 3.85 cents, or 1.7%, at $2.213 per lb, having settled up 1.8% on Tuesday amid a lower-than-expected harvest this year in Brazil.
* Heavy rains are expected this week over Brazil coffee areas, which would likely boost the flowering period and the potential for next year’s crop.
COCOA
* December New York cocoa CCc1settled down $3, or 0.1%, to $2,352 a tonne.
* “There does not seem to be anything going on to push prices in one direction or the other,” said Jack Scoville, at Price Futures Group in Chicago.
* December London cocoa LCCc1 rose 4 pounds, or 0.2%, to 1,881 pounds per tonne.
(Reporting by Marcelo Teixeira and Maytaal Angel Editing by Vinay Dwivedi, Mark Potter and Shinjini Ganguli)
((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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