NEW YORK/LONDON (Reuters) – Arabica coffee futures closed lower on Thursday on the ICE, falling further from last week’s 10-year peak, while raw sugar prices rose.
COFFEE
* Arabica coffee for March closed down 0.45 cents, or 0.2%, to $2.3685 per pound. The market advanced last week to a 10-year peak of $2,5235.
* Operators said crop visits in Brazil continued to find mixed results, with some suggesting that recent rains may have improved prospects for next year’s crop following drought and frosts in previous months.
* Brazil’s coffee crop reached 47.7 million 60 kg bags this year, down 24.4% from the record production recorded in 2020, said the National Supply Company (Conab) on Thursday, noting that production was heavily affected by drought.
* Robusta coffee for March was down $4, or 0.2%, to $2,299 a ton.
* Weather has become drier in the main robusta producer, Vietnam, allowing harvesting to continue, but an oncoming storm, if it hits the Central Highlands growing region, would interrupt the grain drying process and potentially harm the quality of the grain.
SUGAR
* Raw sugar for March closed up 0.11 cents, or 0.6%, at 19.40 cents a pound, boosted in part by gains in energy markets.
* Operators noted that weakness in India’s domestic sugar market has reduced the price to a level where exports are viable and maintained the outlook that India could sell more than 6m tonnes on the world market this year.
* White sugar for March gained $1.20, or 0.2%, to $504.40 a ton.
* Mills in south-central Brazil produced 160,000 tonnes of sugar in the second half of November, according to data from the Sugarcane Industry Association (Unica) released this Thursday, 62.8% less than in the same period last year, but slightly above market expectations.
* Unica expects an 8.5% agricultural yield gain for the new season as soil moisture improves.
(Reporting by Marcelo Teixeira and Nigel Hunt)
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