LONDON: ICE raw sugar futures were steady, hovering near a one-week high in early trading on Monday, while arabica coffee bounced off last week's six week low.
Cocoa futures eased in light dealings following a surge on Friday to the highest levels in almost three weeks after North American grind data fell by less than expected.
SUGAR
March sugar futures eased 0.06 cent or 0.3 percent to 20.17 cents a lb at 0838 GMT, having touched a three-week low of 19.67 cents on Thursday.
Expectations of increased centre/south Brazilian cane production next season, with analysts typically forecasting some 565-575 million tonnes in 2013/14 versus some 510 million in 2012/13, weighed on the market.
December white sugar on Liffe was up $2.20 or 0.4 percent at $550.00 per tonne, having on Friday touched a 26-month low of $537.00.
Speculators cut their net long position in raw sugar by 70 percent as the futures market tumbled roughly 7 percent as pressure from ample global supplies weighed on the market.
Louis Barbera will go to work in downtown Manhattan on Monday to trade soft commodities as he has done for almost two decades. But instead of stepping into a circular trading pit to take part in a more than century-old tradition of open-outcry trading, he will place trades for his customers - from textile mills to merchants - entirely electronically.
COFFEE
Arabica coffee futures on ICE edged up above last week's 6-week low, with December up 0.7 cent or 0.4 percent at $1.6235 per lb. The contract hit $1.5715 on Thursday, the lowest level for the front month since Sept. 6.
Huge supplies of new crop Brazilian arabica coffee beans weighed on prices.
January robusta coffee futures were down $8 or 0.4 percent at $2,073 a tonne.
Price differentials in Europe's cash coffee market were little changed this week as buyers remained reluctant, expecting prices to remain under pressure due to ample supplies.
COCOA
Quarterly cocoa grind figures, an indicator of demand for the primary ingredient in chocolate, dropped for a third straight quarter in North America, National Confectioners Association (NCA) data showed on Thursday, falling less than expected. North American cocoa grindings in the third quarter fell 2.19 percent from the third quarter of 2011 to 121,890 tonnes, NCA data showed.
Dealers had anticipated a fall ranging from 3-10 percent.
ICE December cocoa was down $20 or 0.8 percent at $2,469 per tonne, having on Friday touched a three-week high of $2,498.
Rising cocoa futures prices slowed trade in Europe's cash cocoa market this week as activity on the physical market was still limited in the early weeks of the 2012/13 season, dealers said on Friday.
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