SOFTS-Raw sugar hits lowest in nearly 1-1/2 years

• May raw sugar fell 0.13 cents, or 1.3pc, to 10.29 cents per lb at 1211 GMT, having hit its lowest since late September 2018 at 10.25. Sugar posted losses of more than 20pc for the first quarter of 2020.
• May arabica coffee fell 1.45 cents, or 1.2pc, to $1.1805 per lb, as the market adjusted after gaining nearly 10pc last month, one of the few commodities in the world to do so.

SUGAR

May raw sugar fell 0.13 cents, or 1.3pc, to 10.29 cents per lb at 1211 GMT, having hit its lowest since late September 2018 at 10.25. Sugar posted losses of more than 20pc for the first quarter of 2020.

Oil prices headed towards 18-year lows on escalating supply glut fears, knocking global gasoline and ethanol prices.

Global equities also fell as evidence continues to mount that the coronavirus pandemic is sending the world economy into a deep recession.

"Sugar more than any other agri-commodity appears to be suffering the most from the global crisis," said a dealer. He cited the 'double whammy' of expected lower global demand and higher production from Brazil hammering chances of another deficit in 2020/21.

Also weighing on sugar is ongoing weakness in the Brazilian real, which tempts exporters in Brazil to sell dollar-priced sugar as it raises their returns in local currency terms.

May white sugar fell $0.9, or 0.3pc, to $352.20 a tonne, though losses were limited as the coronavirus lockdown in India and beyond is disrupting exports and supply chains, prompting consumer stockpiling.

COFFEE

May arabica coffee fell 1.45 cents, or 1.2pc, to $1.1805 per lb, as the market adjusted after gaining nearly 10pc last month, one of the few commodities in the world to do so.

ICE certified stocks continued the descent, falling to 1.980 million bags, their lowest in nearly two years, indicating strong demand as roasters stockpile the bean as the pandemic disrupts supply chains.

May robusta coffee fell $14, or 1.2pc, to $1,28 a tonne.

Indonesia exported 9,409.6 tonnes of robusta coffee beans from Sumatra's Lampung province in March, up 43pc from the same month last year but down on a monthly basis.

COCOA

May London cocoa was down 3 pounds, or 0.2pc, at 1,751 pounds a tonne.

Top producer Ivory Coast's exports of semi-finished cocoa products from October to February fell 22pc year on year to 147,431 tonnes, while its exports of cocoa beans fell 3.5pc to 914,680 tonnes, provisional port data showed.

May New York cocoa fell $11, or 0.5pc, to $2,238 a tonne.

New York May cocoa may bounce again towards $2,305, as it has stabilized around a support at $2,200 per tonne, technical signals indicate.