July 12, 2019 / 6:04 PM / 3 months ago

SOFTS-Arabica coffee eases, August white sugar hits 11-month low

 (Updates prices and market activity; adds comments, NEW YORK to
dateline)
    NEW YORK/LONDON, July 12 (Reuters) - Arabica coffee futures
on ICE eased on Friday, with the outlook for Brazil's 2020 crop
remaining favorable despite last weekend's frost, while August
white sugar tumbled to an 11-month low ahead of the contract's
expiry next week.

    COFFEE
    * September arabica coffee        settled down 0.3 cent, or
0.3%, at $1.0665 per lb. 
    * On the week, the contract lost nearly 3.9%.
    * Much of the week's losses occurred on Monday, when prices
fell sharply as early assessments of a weekend frost in
top-grower Brazil indicated only minor damage to crops. 
    * A firmer Brazilian real, however, helped limit losses and
underpin the market. A stronger real can discourage selling by
Brazilian producers.       
    * Dealers continued to closely follow temperatures in
Brazil. 
    * While forecasts for the coming 6-10 days feature cool
temperatures across southern Brazil, "the frost threat remains
low at this time," weather forecaster Radiant Solutions said in
a note. 
    * Meanwhile, Colombia, the world's top supplier of washed
arabica, is creating a special fund to subsidize coffee farmers
when international prices fall below production costs.
            
    * September robusta coffee         settled down $3, or 0.2%,
at $1,424 per tonne. Trade volumes for the contract were light,
at their lowest levels since Christmas Eve.  
    * Top robusta producer Vietnam exported 2.37 million 60-kg
bags of coffee in June, customs data showed, down 2.6% from May.
            
    
    SUGAR
    * October raw sugar        settled down 0.08 cent, or 0.7%,
at 12.30 cents per lb.
    * The contract fell 0.5% on the week, as ample global
supplies continue to keep a lid on the market. 
    * Still, concerns about the potentially weak monsoon in
major producer and top consumer India are limiting market
losses, dealers said.             
    * August white sugar         settled down $10.90, or 3.4%,
to $306.80 a tonne after falling to an 11-month low of $305.70. 
    * The August contract         expires on Tuesday and its
discount to the October contract LSUQ9-V9 deepened to as much
as $17.30 as traders rolled out of their positions. 
    * Dealers noted the potential for a large delivery next
week, with possible origins including Guatemala, Mexico and
Thailand.
    
    COCOA
    * September New York cocoa        settled up $12, or 0.5%,
at $2,503 per tonne after trading in light volumes. 
    * On the week, the contract rose 1.4%.
    * September London cocoa         settled up 17 pounds, or
0.9%, at 1,871 pounds per tonne. The contract gained 1.7% on the
week.
    * Dealers were anticipating the release of data on
second-quarter grindings, an indicator of demand, with European
figures due on Tuesday and North American figures due on
Thursday. 

 (Reporting by Ayenat Mersie in New York and Nigel Hunt in
London; editing by Susan Thomas)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below