SOFTS-Sugar, coffee steady with focus on Brazil weatherhttp://af.reuters.com/article/commoditiesNews/idAFL8N1951PD
June 14, 2016 at 1:32 PM
* Harvest weather returns to Brazil's sugar regions
* Weak pound supports London cocoa
By David Brough
LONDON, June 13 (Reuters) - Raw sugar futures on ICE held
steady on Monday near a 2-1/2-year peak with dealers focused on
improving harvest weather in Brazil, while arabica coffee was
little changed as worries over frost risks eased.
A weakening pound, pressured by concerns over the coming
British vote on EU membership, gave support to London cocoa.
Raw sugar steadied, with a focus on improving conditions for
the cane crush in centre-south Brazil.
"The weather across Brazil's centre-south has improved
markedly over the past few days as dry weather returns across
the region allowing the crush to push into top gear again and
port loadings to get back to normal," a broker said.
Dealers noted that speculators again boosted the record net
long position in raw sugar contracts on ICE they have held since
early May in the week ended June 7, according to U.S. data.
"With a massive (and still growing) fund and spec position
in sugar currently, we would have seemed set for a correction
shortly, but this pesky thing called frost has reared its
head," Green Pool Commodities said in a weekly report.
Green Pool was referring to a forecast last week for
isolated frost in Brazil, which supported raw sugar futures, and
drove a rally in arabica coffee.
July raw sugar was up 0.04 cent, or 0.2 percent, at
19.74 cents cents per lb at 1000 GMT, just below Thursday's high
of 19.92 cents last reached in October 2013.
August white sugar was up 40 cents, or 0.08 percent,
at $529.40 per tonne.
Arabica coffee futures dipped slightly, moving further away
from Thursday's 13-month high, pressured by a weaker oil market,
with worries over a possible impact from frost on the Brazilian
arabica crop receding.
Traders said the risk of frost was largely worked in to
July arabica coffee was down 0.3 cent, or 0.2
percent, at $1.3665 per lb, well below the 13-month peak of
$1.45 on Thursday, when forecasts for frost in isolated parts of
Brazil caused record futures volume.
July robusta was down $1, or 0.06 percent, at $1,642
per tonne, underpinned by a very poor crop in Brazil due to
London cocoa prices were higher, supported by weakness of
the pound on concerns that Britons might vote to leave the
September London cocoa was up 21 pounds, or 0.9
percent, at 2,284 pounds per tonne while September New York
cocoa was off $18, or 0.6 percent, at $3,081 per tonne.
(Editing by Adrian Croft)
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
November 2, 2017
The global sugar market is poised for a surplus of 9.80 million tonnes 2017/18, Australia-based analyst Green Pool said on Tuesday, amid stronger production and sluggish consumption growth.Read More
November 1, 2017
World sugar dynamics are the “worst” - for bulls – in at least 12 years, Green Pool said, hiking its estimate of the global output surplus, and hinting at the potential for further growth in stocks “into 2018-19 and perhaps beyond”.Read More
August 24, 2017
The global sugar surplus is expanding as Brazil, Thailand and the European Union drive world production to record, according to Green Pool Commodity Specialists. Supplies will outpace demand by 7.1 million metric tons in the 2017-18 season that starts in October in most countries, a 29 percent increase from a May forecast.Read More