NEW YORK/LONDON (Reuters) – Raw sugar futures traded on the ICE closed at 2% on Wednesday and hit a five-month low during the session, as rains continue to improve prospects for the new Brazilian crop , while demand is weak.
Arabica coffee contracts ended stable after a strong performance in the previous session.
SUGAR
* March raw sugar fell 0.41 cents, or 2.2%, to 18.34 cents a pound, after hitting its lowest level in five months during the session at 18.32 cents. dollar/pound weight.
* According to traders, commodities that performed well in 2021 effectively increased their weight and therefore are sold during the rebalancing period, while underperforming commodities are bought.
* They also noted that rains in the south-central region of Brazil have improved prospects for this year’s crop.
* “Crop conditions will improve and we should see sugarcane estimates (mid-south) move up from the consensus 530-570 range,” a broker says.
* March white sugar fell $7.10, or 1.4%, to $488.20 a ton.
COFFEE
* Arabica coffee for March closed stable at $2.3175 per pound.
* Traders say the market had an upward momentum after rising nearly 4% on Tuesday and has the potential to return to last month’s 10-year highs in the coming weeks.
* Robusta coffee for March fell $28, or 1.2 percent, to $2,321 a ton, extending its retreat from a ten-year peak of $2,384 recorded in late December.
* Operators say the market remains underpinned, however, by supply chain problems that have halted shipments from the largest robusta producer, Vietnam.
(Reporting by Marcelo Teixeira and Nigel Hunt)
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