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Markets

Raw sugar futures ease, focus remains on Brazilian crops

  • December New York cocoa rose by $1, or 0.04%, to $2,537 a tonne
  • November robusta coffee rose by $1, or 0.05%, to $1,864 a tonne
  • October raw sugar was down 0.16 cents, or 0.8%, to 19.43 cents per lb
11 Aug, 2021

LONDON: Raw sugar futures on ICE were lower on Wednesday, slipping back slightly after rising sharply during the prior session to the highest levels in more than four years, as the market continued to focus on crop conditions in Brazil.

SUGAR

October raw sugar was down 0.16 cents, or 0.8%, to 19.43 cents per lb at 1138 GMT.

The front month climbed to a peak of 19.75 cents on Tuesday - the highest since March 2017.

Raw sugar slips from 5-1/2 month peak, arabica also falls

Dealers said the market's recent run-up was fuelled by diminishing prospects for production in Brazil, with concerns heightened by a report issued on Tuesday by cane industry group Unica.

The report confirmed damage to crops from unusually harsh frosts in June and July and the sugar season in Brazil could end much earlier than usual.

"If this really turned out to be the case, the global supply of sugar would tighten noticeably, as Brazil is responsible for roughly 40% of global sugar exports. The deficit estimates for the global sugar market in 2021/22 would then need to be revised considerably upwards," Commerzbank said in a note.

October white sugar rose by $0.90, or 0.2%, to $469.10 a tonne.

COFFEE

November robusta coffee rose by $1, or 0.05%, to $1,864 a tonne.

Dealers said shipping disruptions from both Vietnam and Brazil had helped to tighten the robusta market and led to a drawdown in exchange stocks.

Arabica coffee hits 4-1/2 year high on Brazil frosts

ICE valid robusta stocks stood at 142,250 tonnes, as of Aug. 10, down from 147,320 tonnes a month earlier and 154,650 tonnes two months ago.

Vietnam's coffee exports in July were down 4.5% from June at 122,293 tonnes, government customs data released on Wednesday showed.

September arabica coffee rose by 0.65 cents, or 0.4%, to $1.8265 per lb.

COCOA

December New York cocoa rose by $1, or 0.04%, to $2,537 a tonne.

December London cocoa fell by 1 pounds, or 0.1%, to 1,751 pounds a tonne.

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