SOFTS-ICE raw sugar steadies, arabica dips, focus on Brazil rainshttp://af.reuters.com/article/ivoryCoastNews/idAFL8N12Q27S20151026?feedType=RSS&feedName=ivoryCoastNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FAfricaIvoryCoastNews+%28News+%2F+Africa+%2F+Ivory+Coast+News%29&rpc=401&pageNumber=2&virtualBrandChannel=0&sp=true
October 26, 2015 at 11:47 AM
* Speculators boost net long position in raw sugar
* Rain slows Brazil's centre-south cane crush
By David Brough
LONDON, Oct 26 (Reuters) - ICE raw sugar futures steadied on Monday as dealers took stock of an increased net long position held by speculators, while arabica coffee dipped, trading near one-month lows on forecasts for rains in Brazil.
Cocoa inched higher, underpinned by larger than initially anticipated grindings in Asia, a signal of demand.
ICE March raw sugar was up 0.04 cent, or 0.3 percent, at 14.32 cents per pound at 1133 GMT, having fallen sharply late in Friday's session after touching 14.73 cents, the highest since Feb. 20.
"The market had gone up so far so fast, a retracement was inevitable," said Robin Shaw, sugar analyst with Marex Spectron.
Sugar futures have surged as the global market showed signs of shifting into deficit after years of surpluses.
Bullish sentiment has been compounded by rains slowing the cane crush in the centre-south of Brazil. Brazil is the world's top sugar producer and exporter.
Speculators boosted their net long positions in raw sugar and cotton on ICE Futures U.S. in the week ended Oct. 20, and trimmed bearish bets in arabica coffee contracts, U.S. Commodity Futures Trading Commission data showed on Friday.
"With the fund net long position so large, who is left to buy it for the time being?" Shaw said.
Analyst Green Pool said in its latest weekly report, "There is strong price support below the market."
December white sugar was up $0.30, a 0.1 percent gain, at $384.20 per tonne.
December arabica coffee was down 0.55 cent, or 0.5 percent, at $117.90 per pound, having on Friday touched $1.1755, its lowest level since Sept. 24 as recent rains brought relief after a dry spell that threatened to damage the flowering of Brazil's crop.
January robusta coffee futures were down $8, or 0.5 percent, at $1,550 per tonne, after touching a three-week low of $1,545.
December New York cocoa futures were up $14, a 0.5 percent gain, at $3,139 per tonne, while March London cocoa was up by 9 pounds, a 0.4 percent gain, at 2,141 pounds per tonne.
Traders said the market was supported by last week's data showing Asia's third quarter grind fell 1.6 percent year-on-year, below market expectations for a decline of about 5 percent. (Editing by William Hardy)
July 9, 2018
Surging ethanol stockpiles and tumbling prices for the biofuel risk bringing back more sugar production in top grower Brazil. “Prices have been coming down, ethanol stocks are building. Demand is strong but is probably not sufficient to clear the stocks,” said Tom McNeill, a director at Brisbane, Australia-based researcher Green Pool Commodity Specialists. “I think this assumption that everyone has made that maximum ethanol is absolutely locked in could be challenged within the next three months.”Read More
May 4, 2018
July raw sugar settled down 0.06 cent, or 0.5 percent, at 11.69 cents per lb. Focus remained on a global supply glut, with commodity analyst Green Pool forecasting a combined sugar surplus of almost 25 million tonnes for the 2017-18 and 2018-19 seasons.Read More
May 3, 2018
The world’s sugar traders are experiencing the biggest ever global surplus. That’s according to Green Pool Commodity Specialists, which expects the glut to reach 18.4 million metric tons this season. The Brisbane, Australia-based researcher boosted its estimate by almost a quarter because of a massive increase in the sugar-cane area and yields in India, the No. 2 producer.Read More
May 2, 2018
For sugar, there’s no sweet ending in sight after a long period of declining prices. Australia-based consultancy Green Pool recently upped its surplus estimate by 43% to almost 15 million tons. The International Sugar Organization, the global trade body, sees a surplus of 5.2 million tons.Read More
March 29, 2018
Green Pool signalled further weakness ahead of sugar prices, lifting its forecasts for the world production surpluses this season and in 2018-19, and heralding a further one in 2019-20.Read More
February 23, 2018
Global sugar prices have tumbled about 33 percent in the past year on a global surplus as production increases in Europe and India. ISMA last month raised its 2017-18 sugar output estimate 4 percent to 26.1 million tons, the highest in three years. Green Pool Commodity Specialists this week forecast Indian production at 28.1 million tons, with expectations of an equal or better crop next season.Read More
February 6, 2018
Green Pool hinted at downbeat prospects for sugar prices as it raised its estimate for the production surplus for this season, forecast another stockbuild in 2018-19, and said a third one could be in the offing.Read More
January 3, 2018
March raw sugar settled down 0.02 cent, or 0.13 percent, at 15.31 cents per lb after peaking at 15.37 cents, its highest since Nov. 28. But focus on bearish fundamentals returned after closely-watched commodity analyst Green Pool on Wednesday raised its projections of a global surplus in 2017/18 to 10.43 million tonnes, up from a forecast of 9.8 million. [nL8N1OY1Q7Read More
January 3, 2018
Green Pool hinted at the potential for sugar price weakness as it lifted to a 15-year high its forecast for the extent of supplies of the sweetener, citing strong production prospects in the likes of India and Thailand. The Australian-based analysis group raised by 629,000 tonnes to 10.43m tonnes its forecast for the world sugar production surplus in 2017-18 - while reducing by 664,000 tonnes to 1.11m tonnes its estimate for the output shortfall last season.Read More