LONDON: Raw sugar futures on ICE fell on Monday as investors liquidated their long positions, mindful of improved weather in top producer Brazil and renewed talk that India will announce a sugar export subsidy. March raw sugar fell 1.3% to 14.24 cents per lb at 1505 GMT, having posted its third consecutive weekly loss last week.
Speculators continued to reduce a once-massive bullish bet in raw sugar - the largest since 2016 - with a cut of 11,625 contracts in the week to Dec. 8, bringing down their total net long position to 164,705 contracts, data showed.
Rabobank said improving weather in top producer Brazil weighed on prices.
There is also ongoing talk that India is getting closer to announcing a long-delayed sugar export subsidy.
Dealers said it looks likely raw sugar will slip to 14 cents near term.
March white sugar fell 1% to $391.80 a tonne.
March London cocoa fell 1.9%, to 1,747 pounds per tonne as sterling surged on hopes of a post-Brexit trade deal between Britain and the European Union, making the sterling-priced futures contract costlier for non-British investors.
March New York cocoa fell 0.6% to $2,607 a tonne.
Speculators reduced their bullish bet in New York cocoa in the week to Dec. 8 by 6,957 contracts to a net long position of 12,790.
Cocoa arrivals at ports in top grower Ivory Coast reached 909,000 tonnes between Oct. 1 and Dec. 13, exporters estimated, down 0.4% from the same period last season.
March arabica coffee rose 1.9% to $1.2390 per lb.
Speculators' reduced their net long position in arabica in the week to Dec. 8 by 1,030 contracts, bringing their total net long position down to 15,174 contracts. March robusta coffee rose 1% to $1,371 a tonne. Top robusta producer Vietnam's coffee exports in November fell 8.4% from October to 83,730 tonnes, customs data showed.
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