Arabica coffee prices ease, raw sugar also lower
Arabica coffee futures on ICE were marginally lower on Wednesday, with the market consolidating just below last week’s six-month peak, while raw sugar prices also fell.
* December arabica coffee KCc2 were virtually flat with a decline of 0.02% to $2.3515 per lb at 1017 GMT, hovering just below last week’s six-month high of $2.4295.
* The market continued to keep a close watch on the weather outlook in Brazil coffee areas, with concerns there could be insufficient moisture to sustain development of coffee buds and cherries after some early flowering.
* Weather service Maxar said Brazil would remain mostly dry during the next five days, but the 6-10 day outlook forecast “a wave of showers” in southern coffee areas.
* November robusta coffee LRCc2 rose 0.35% to $2,269 a tonne.
* Indonesia exported 16,864 tonnes of Sumatra robusta coffee in July, up 19.8% from the same month last year, data from the local trade office showed on Wednesday.
* October raw sugar SBc1 fell 0.55% to 18 cents per lb as a gloomy global economic outlook weighed on prices.
* Dealers were awaiting an announcement from India on its 2022/23 sugar export policy, with many expecting that it will pave the way for an initial five million tonnes of exports.
* Indian traders have signed deals to export 300,000 tonnes of raw sugar in the coming season as advantageous market conditions counter the risk of agreeing contracts before India announces its export policy, trade sources said.
* October white sugar LSUc1 fell 0.2% to $547.60 a tonne.
* December New York cocoa CCc2 rose 0.1% to $2,411 a tonne.
* December London cocoa LCCc2 was up 0.3% at 1,868 pounds a tonne.
Source: Reuters (Reporting by Nigel Hunt Editing by David Goodman )