SOFTS-Arabica coffee prices slip as rains aid Brazil crop
- Dealers noted forecast rains in Brazil should improve the outlook for crops in the world's top producer although dry conditions remain a concern.
LONDON: Arabica coffee futures on ICE were lower on Wednesday with rains in Brazil set to improve the outlook for next year's crop while London cocoa prices edged up boosted by a weaker pound.
COFFEE
December arabica coffee fell by 2.40 cents, or 2.2pc, to $1.0720 per lb by 1014 GMT.
Dealers noted forecast rains in Brazil should improve the outlook for crops in the world's top producer although dry conditions remain a concern.
"Increasing chances for showers, especially in the southern region, will be favorable to flowering this week. Stressed soils should be eased but more moisture is needed to reverse stress," weather service Maxar said in a daily update.
November robusta coffee fell by $6, or 0.5pc, to $1,244 a tonne.
Coffee plants in Vietnam suffered no harm from the tropical storm sweeping through the country, traders said on Thursday.
COCOA
December London cocoa was up 9 pounds, or 0.55pc, at 1,645 pounds, edging further away from a seven-week low of 1,628 pounds set on Wednesday.
Dealers noted the European cocoa grind showed a year-on-year decline in the third quarter as the COVID-19 pandemic curbed demand although the 4.7pc drop was smaller than the second quarter's 8.9pc fall.
The third quarter grind for North America is due to be issued later on Thursday.
December New York cocoa?? was down $24, or 1.0pc, at $2,367 a tonne.
SUGAR
March raw sugar ?was unchanged at 14.20 cents per lb with the market consolidating just below a 7-1/2 month peak of 14.55 cents set on Monday.
Dealers noted uncertainty about India's export policy continued to constrain selling while the outlook on prices charts remained supportive despite this week's modest setback from Monday's peak.
December white sugar rose by $1.60, or 0.4pc, to $388.50 a tonne.
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