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SOFTS-Raw sugar falls as Brazil output swells; cocoa slips off peaks

Reuters SG
·2-min read

(Updates prices, adds details)

LONDON, Aug 11 (Reuters) - Raw sugar futures on ICE fell on Friday as the market consolidated, with top producer Brazil continuing to churn out a bumper crop, while cocoa edged further away from recent multi-year peaks.

SUGAR

* October raw sugar fell 0.3% to 23.88 cents per lb by 1235 GMT.

* Raw sugar is seen ending the year around current levels but marking a sharp increase over end-December 2022 as the global market looks set to record a second year of supply deficits, a Reuters poll of 11 traders and analysts showed.

* Singapore-listed agribusiness Wilmar reported a 50% slump in its first-half core net profit due to slowing China sales of consumer food products including sugar.

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* Agri-commodities trader Czarnikow said global raw sugar demand dropped 20% in the first half, according to its calculations, as refiners, facing high raws prices and normal levels of consumption, decided to draw down stocks.

* "In the short term we could easily see the market back at 20 cents. There's no immediate supply stress (but) in the longer term, sugar stocks (are) at the lowest level since we started recording this data. None of this suggests a low price," said the trader.

* October white sugar fell 1.2% to $682.90 a metric ton.

COCOA

* December London cocoa was little changed at 2,612 pounds per metric ton, after peaking at 2,759 pounds on Monday — its highest since 1977.

* Improved crop weather in top producer Ivory Coast has prompted some profit-taking in cocoa, along with concerns that global economic woes could curb demand.

* December New York cocoa fell 0.9% to $3,328 a metric ton, having hit its highest in more than a decade on Monday at $3,618.

COFFEE

* December arabica coffee fell 1.4% to $1.5735 per lb.

* Brazilian coffee farmers had sold 41% of their 2023/24 crop by early August, consultancy Safras & Mercado said, lagging the long-term average for the period of 46%.​

* November robusta coffee fell 0.1% to $2,512 a metric ton.

(Reporting by Maytaal Angel, Editing by Louise Heavens and David Evans)