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Updates with market activity, comments and closing prices
NEW YORK/LONDON, Sept 16 (Reuters) – London white sugar futures on ICE closed down on Friday, after earlier hitting a 10-year high against the backdrop of tight supply, with the market in need of exports from India, a leading producer and exporter of whites.
SUGAR
* December white sugar LSUc1settled down $15.20, or 2.8%, at $527.80 a tonne, having touched a 10-year high of $541.
* Deliveries of refined white sugar against the expiry of the ICE October contract on Thursday were seen at about 4,480 lots, or about 224,000 tonnes, according to preliminary information from sugar traders.
* Dealers said that October white sugar expired at a huge $79.80 premium to December and this, plus the relatively small delivery, indicated tight near-term supplies.
* White sugar stocks have been depleted in some major importing countries while Indian exports remain low, with dealers concerned that domestic prices in India are aboveglobal marketprices.
* India is poised to allow 5 million tonnes of sugar exports in the first tranche for the new marketing year beginning in October and could allow another 3-5 million tonnes later in the year.
* October raw sugar SBc1 fell 0.3 cents, or 1.7%, at 17.88 cents per lb.
COFFEE
* December arabica coffee KCc2settled down 1.3 cents, or 0.6%, at $2.151 per lb 0.8% to $2.1460 per lb, having hit its lowest in nearly a month at $2.1135.
* U.S. green coffee stocks rose by a monthly 226,801 bags to 6.5 million 60kg bags in August, the Green Coffee Association said.
* Brazilian co-operative Cooxupe expects coffee exports in the country to decline in the first half of 2023 after a smaller than expected 2022 harvest, said its president Carlos Augusto Rodrigues de Melo.
* November robusta coffee LRCc2settled down $24, or 1.1%, at $2,202 a tonne after touching its lowest in more than a month at $2,171.
COCOA
* December New York cocoa CCc2 fell $17, or 0.7%, to $2,360 a tonne.
* Ivory Coast expects all its cocoa will be traceable down to the individual farmer level by October next year as the world’s top producer ramps up efforts to tackle deforestation ahead of a looming EU forest protection law.[nL1N30M22M
* December London cocoa LCCc2settled up 11 pounds, or 0.6%, at 1,879 pounds per tonne.
Agriculture Weather Dashboardhttps://amers2.apps.cp.thomsonreuters.com/cms/?pageid=awd-br-southeast-gfsop-degc&hour=12&date=20220914&meta-15=BRA.MG.10
(Reporting by Marcelo Teixeira and Maytaal Angel Editing by David Goodman and Maju Samuel)
((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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