Sugar steadies

June 11, 2014

sugar import
sugar

Reuters- ICE raw sugar futures prices were little changed on Tuesday, turning down a shade after rising briefly on Brazilian cane crush data that showed shrinking yields, while arabica prices inched higher. Cocoa on ICE Futures US and Liffe crept higher, flirting with the highest levels in nearly three years as commodities trader Olam International Ltd said the company expects a third consecutive global cocoa deficit in 2014/15.

ICE July raw sugar settled down 0.01 cent at 16.97 cents a lb. Liffe August white sugar futures firmed 60 cents, or 0.1 percent, to close at $460.50 per tonne. Brazil’s center-south produced 2.03 million tonnes of sugar in the second half of May, up from 1.91 million tonnes in the first half of May. Mills there crushed 37.98 million tonnes of cane in late May versus 35.5 million in early May, Unica data showed, with dealers saying this was slightly below expectations.

“I think an important thing from Unica was the yield,” said Bruno Lima, group manager for Sugar & Ethanol at INTL FCStone in Campinas, Brazil, referring to cane tonnage per hectare. Arabica coffee futures in New York firmed above strong support, after sinking on Monday to their lowest since late February due to continued uncertainty over the extent of drought damage to crops in Brazil.

The benchmark September arabica contract on ICE Futures US rose 0.35 cent, or 0.2 percent, to finish at $1.6830 per lb. September robusta coffee futures on Liffe fell $5, or 0.3 percent, to end at $1,894 a tonne. Cocoa futures on ICE were little changed, trading below Friday’s high, still underpinned by supply worries in the face of steadily rising consumption and commercial needs.

ICE September cocoa settled up $5, or 0.2 percent, at $3,085 a tonne, just below the near-three-year peak of $3,103 reached on June 5. September cocoa on Liffe firmed by 4 pounds, or 0.2 percent, to close at 1,948 pounds a tonne. The International Cocoa Organisation said on Tuesday that record cocoa output from the world’s top two growers will not be enough to erase a 2013/14 global deficit.

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