ICE coffee, cocoa and sugar gain

Cocoa on ICE Futures US rose on Friday to notch a fifth straight week of gains, their longest such streak in nearly two years, as arabica coffee and sugar prices also gained, bolstered by a softer US dollar. ICE March New York cocoa settled up $26, or 1.33 percent, at $1,986 per tonne, after touching a one-week high of $1,998.
The US dollar index remained weak on Friday, bruised by comments by senior US officials this week backing a weak dollar and after data showed US economic growth unexpectedly slowed in the fourth quarter. The softening greenback boosts buying of dollar-traded commodities, as it makes them less expensive to holders of other currencies.
March London cocoa settled up 25 pounds, or 1.84 percent, at 1,381 pounds per tonne, near the day's high of 1,388 pounds. World cocoa stocks rose by 144,000 tonnes in the 2016-17 season, less than expected, according to an annual survey conducted by the International Cocoa Organization (ICCO) Expert Working Group on Stocks (EWGS). The group said the survey results probably underestimated the build due to an expansion of "invisible" stocks held in locations which do not report to the survey.
Still, the data bolstered prices. "Until the release of this survey, there was no reason to question a large global surplus," said Rabobank senior commodity analyst Carlos Mera in a note, saying cocoa prices coud reach $2,200 per tonne during the quarter.
March raw sugar settled up 0.12 cent, or 0.91 percent, at 13.36 cents per lb, supported by the dollar. Expectations mounted that speculators have extended their net short position to a record, leaving less room for further selling even amid expectations of large excess global supplies.
"The real question is how big will the record be?" consultancy Agrilion Commodity Advisors said in a note. March white sugar settled up $1.80, or 0.51 percent, at $355.60 per tonne. March arabica coffee settled up 1.5 cent, or 1.21 percent, at $1.2515 per lb, finishing the week up 3.2 percent. That was its strongest week since late December.
March robusta coffee finished up $4, or 0.23 percent, at $1,767 per tonne. The market had recently been supported by signs of declining certified stocks, but gains were capped by selling by producers in Vietnam, the world's top grower of the variety, dealers said.