Robusta coffee prices weaken, cocoa also down
- May robusta coffee was down $13, or 0.9%, at $1,393 a tonne.
- May London cocoa fell by 13 pounds, or 0.7%, to 1,793 pounds a tonne, extending its retreat from a three-month high of 1,822 pounds set on Wednesday.
LONDON: Robusta coffee futures on ICE fell to the lowest level in almost two weeks on Friday with the prospect of a larger robusta crop in Brazil this year weighing on prices.
COFFEE
May robusta coffee was down $13, or 0.9%, at $1,393 a tonne at 1451 GMT after dipping to a low of $1,385 - the weakest in almost two weeks.
Broker Marex Spectron, in a report issued on Friday, forecast the Brazil robusta (conillon) crop at 20.8 million bags, up 9.5% from the prior season.
The report projected there would be a robusta surplus of 1.4 million bags in 2021/22 but an arabica deficit of 12.1 million bags.
Marex Spectron put the Brazil arabica crop in 2021/22, an off-year in the country's biennial crop cycle, at 32.8 million bags, sharply down from 50.0 million in the prior season.
May arabica coffee fell by 2.15 cents, or 1.6%, to $1.30 per lb.
COCOA
May London cocoa fell by 13 pounds, or 0.7%, to 1,793 pounds a tonne, extending its retreat from a three-month high of 1,822 pounds set on Wednesday.
Dealers said the recent upward move had lost momentum and a bout of profit-taking had now emerged.
Tightness in available supplies to tender against March remained a concern, however, and the front month's premium to May was holding around 160 pounds.
May New York cocoa was down $37, or 1.4%, at $2,588 a tonne.
Total reported cocoa stocks fell by 87,000 tonnes during the 2019/20 season (October/September), the International Cocoa Organization Expert Working Group on Stocks estimated after a meeting on Thursday.
SUGAR
May raw sugar rose by 0.17 cents, or 1.05%, to 16.43 cents per lb, boosted partly by a rise in crude oil prices to the highest level in almost 14 months.
May white sugar rose by $4, or 0.9%, to $466 a tonne.
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