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Markets

Raw sugar prices ease; cocoa and coffee climb

  • May arabica coffee rose 0.7% to $2.4955 per lb
  • May New York cocoa rose 0.5% to $2,744 a tonne
  • March raw sugar fell 0.3% to 18.06 cents per lb
15 Feb, 2022

LONDON: Raw sugar futures on ICE were slightly lower on Tuesday, with the focus remaining on production prospects in Brazil, while cocoa and coffee prices rose.

Sugar

March raw sugar fell 0.3% to 18.06 cents per lb by 1149 GMT.

Dealers said the market remained well within this month's range of 17.77 to 18.68 cents, with the outlook likely to hinge on the extent to which cane and sugar production in Centre-South Brazil rebounds in the 2022/23 season.

A poll conducted by broker Marex had an average forecast for cane production in CS Brazil of 554 million tonnes, slightly below the median forecast of 560 million tonnes in a Reuters poll this month.

"This (554 million) is slightly lower than we would have expected, given the reasonable rainfall that has occurred up to now and expectations that it will continue until the end of the rainy season," Marex said.

"The poll must therefore reflect anxiety and extreme uncertainties about the negative effects on cane quality due to the consequences of last year's drought, frosts and fires."

The Marex poll had an average forecast for sugar production in CS Brazil of 33.81 million tonnes, slightly below the median forecast of 34.35 million tonnes in a Reuters poll.

May white sugar fell 0.2% to $481.20 a tonne.

Sugar prices drift lower; focus on March whites expiry

Cocoa

May New York cocoa rose 0.5% to $2,744 a tonne, edging back towards last week's two-year high of $2,838.

Dealers said the market continued to derive support from dry weather in top grower Ivory Coast.

May London cocoa was up 0.6% at 1,817 pounds a tonne.

Coffee

May arabica coffee rose 0.7% to $2.4955 per lb, though prices remained well below last week's 10-year peak of $2.6045.

May robusta coffee rose 0.6% to $2,256 a tonne.

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