Raw sugar falls from near 6-year peak, arabica coffee also down

NEW YORK — Raw sugar futures on ICE fell on Tuesday as positive production news from Brazil pulled prices off a near six-year peak hit on Friday, while arabica coffee also fell. The London market for robusta coffee, white sugar and cocoa was closed on Tuesday due to Boxing Day. Financial Post Top Stories Sign…
Raw sugar falls from near 6-year peak, arabica coffee also down

NEW YORK — Raw sugar futures on ICE fell on Tuesday as positive production news from Brazil pulled prices off a near six-year peak hit on Friday, while arabica coffee also fell.

The London market for robusta coffee, white sugar and cocoa was closed on Tuesday due to Boxing Day.

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SUGAR

* March raw sugar was down by 0.52 cent, or 2.48%, at 20.46 by 1610 GMT. The contract hit the highest level for the front month since February 2017 on Friday at 21.18 cents.

* Dealers cited a technical correction in the sugar market after a large increase in speculators’ long position recently.

* Brazil’s government raised its estimates for the country’s sugar and ethanol production in the 2022/23 season on Tuesday.

* In other news, Brazil is likely to extend a federal taxes exemption for fuels over January as the new administration takes over and evaluates long-term outlook for fuel prices.

COFFEE

* March arabica coffee was falling 2.85% to $1.6705 per lb​​ after rising to a one-week peak of $1.7265 on Friday.

* Dealers said some investors unwinded on Tuesday protective positions built prior to the long holiday.

* Arabica coffee has been trading in a relatively short range between $1.55 and $1.70 since late November.

* There is reduced activity in the physical markets, particularly in top grower Brazil, said broker Carvalhaes in a report, while farmers are away from dealings due to holidays.

* Uganda’s coffee exports declined 15% in November from the same period a year ago, as drought reduced yields in some regions

COCOA

* March New York cocoa was little changed at $2,626 per tonne. On Friday, the contract hit the highest price since early April at $2,651/tonne.

* Cocoa arrivals at ports in top grower Ivory Coast had reached 1.172 million tonnes by Dec. 25 since the start of the season on Oct. 1, up 14.1% from the same period last season.

* Ivory Coast’s cocoa grind was up 6.9% year on year in November to 113,803 tonnes. (Reporting by Marcelo Teixeira; Editing by David Gregorio)

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