SOFTS-NY cocoa steadies near one-year low, sugar dips
http://af.reuters.com/article/ivoryCoastNews/idAFL6N0V62JS20150127?pageNumber=2&virtualBrandChannel=0&sp=trueJanuary 27, 2015 at 12:01 PM
New York March cocoa was down $2, or 0.07 percent, at $2,735 per tonne at 1138 GMT, just above Monday's low of $2,731, the lowest for the spot contact since January 2014.
London May cocoa traded down 2 pounds, or 0.1 percent, at 1,897 pounds per tonne.
"The market is still digesting the grind data. The grind numbers were worse than consensus," said Jonathan Parkman, joint head of agriculture at Marex Financial Limited.
Higher bean arrivals in top cocoa grower Ivory Coast also weighed on the market.
CME Europe said it planned to launch a euro-denominated cocoa futures contract on March 30, days before rival ICE Futures Europe introduces a similar contract.
Raw sugar futures eased in light technically driven dealings, with traders focused on concerns over dry weather in Brazil.
"Typically in January/February, the focus switches to centre-south Brazil weather, and given the dry conditions to date, that's given hedge funds/specs sufficient cause for concern to turn most of their net short in sugar around," said Tom McNeill of Green Pool Commodities.
March raw sugar traded down 0.18 cent, or 1.2 percent, at 15.17 cents a lb.
March white sugar was down $4.30, or 1.1 percent, at $393.50 a tonne.
ICE March arabica was up 1.15 cent, or 0.7 percent, to $1.6300 per lb, within sight of the lowest level since July 2014 at $1.5940 touched on Friday.
March robusta coffee was up $15, or 0.8 percent, at $1,967 a tonne. (Additional reporting by David Evans)
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