NEW YORK/LONDON: Arabica coffee futures on ICE closed up on Wednesday, regaining some ground after falling by more than 4% during the previous session, as the focus remained on the extent to which rains forecast in Brazil will aid flowering in the world's top producer.
December arabica coffee closed up 1.55 cents, or 0.8%, at $1.9345 per lb??, recovering some ground after falling sharply on Tuesday on forecasts for much needed rain in Brazil.
Dry conditions in the country have threatened the flowering of next year's crop.
Some rains were reported over the weekend and more is forecast in Brazil's coffee belt over the next few days, improving the outlook for the flowering of next year's crop.
Farmers in Minas Gerais said the rain should spur widespread flowering next week, a key stage to determine next year's crop size.
November robusta coffee settled up $5, or 0.2%, at $2,116 a tonne.
March raw sugar ?lost 0.08 cent, or 0.4%, to 19.77 cents per lb.
Dealers said rains in top exporter Brazil could improve the outlook for next year's crop.
Sugar production in Brazil's centre-south will recover only slightly next season to 32.9 million tonnes from 32.5 million tonnes in the current, drought-hit crop, supply chain services provider Czarnikow said on Tuesday.
Brazilian energy company Cosan, which partners with Shell in the joint venture Raizen, has joined a US climate fund, looking for opportunities in cleaner energy. Raizen is the world's largest sugar producer and a leading ethanol maker. December white sugar rose $1.00, or 0.2%, to $508.50 a tonne.
December New York cocoa ??settled down $40, or 1.5%, to $2,715 a tonne as the market slipped further from Monday's 10-month peak of $2,792.
December London cocoa ?settled down 26 pounds, or 1.4%, to 1,861 pounds per tonne??.
Cocoa arrivals at ports in top grower Ivory Coast reached 2.191 million tonnes for the year between Oct. 1 and Sept. 30, up 5.64% from the same period last season, data from the cocoa regulator (CCC) showed on Wednesday.