June 2, 2020 / 7:03 PM / a month ago

SOFTS-Raw sugar edges up on receding fears over excess supply

(Adds closing prices, comments)

NEW YORK/LONDON, June 2 (Reuters) - Raw sugar futures on ICE closed up for a fourth straight session on Tuesday, helped by an uptick in oil prices and reduced concern over excess supplies.

Rising energy prices deter Brazilian cane mills from increasing sugar output at the expense of ethanol, a cane-based biofuel.

SUGAR

* July raw sugar ​​settled up 0.22 cents, or 2.0%, at 11.22 cents per lb, buoyed by optimism as countries emerge from coronavirus lockdowns.

* A dealer said the market was focused on talk that Brazilian producers have relatively little selling left to do.

* The International Sugar Organization forecast a global sugar deficit of 9.3 million tonnes in the 2019/20 season, though the figure did not include a provision for the coronavirus impact.

* The agency estimated that 2.1 million tonnes of consumption may have been lost up to May 2020 because of the pandemic. Had that been included in the calculations, it would have wiped out most of this year’s consumption growth.

* Still, dealers said the report served to remind the market that this season’s deficit has not disappeared completely.

* August white sugar ​​settled up $5.20, or 1.4%, at $370.00 a tonne.

COFFEE

* July arabica coffee settled down 0.1 cents, or 0.1%, at 98.2 cents per lb​​, having touched a seven-month low on Monday.

* Arabica is under pressure from expectations for a near-record output from Brazil and growing concern over demand prospects.

* Costa Rican coffee exports fell 13% in May and are down 3.5% for the first eight months of the 2019/2020 season.

* July robusta coffee settled up $20, or 1.7%, at $1,179 a tonne.

* Indonesia’s Sumatran robusta coffee bean exports from Lampung province in May fell 9% from a year earlier.

COCOA

* July New York cocoa ​​settled down $91, or 3.7%, to $2,402 a tonne.

* Dealers cited talk of crumbling demand for the chocolate ingredient amid the economic downturn.

* July London cocoa ​​settled down 59 pounds, or 3.0%, to 1,898 pounds per tonne​. (Reporting by Marcelo Teixeira and Maytaal Angel; Editing by David Goodman and Marguerita Choy)

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