SOFTS-ICE sugar slips on Brazil rains, arabicas firm
http://af.reuters.com/article/commoditiesNews/idAFL6N0TE2A920141124?pageNumber=2&virtualBrandChannel=0November 25, 2014 at 4:46 PM
"Whenever there is weather (rain) news, it puts pressure on sugar," Michaela Kuhl, an analyst with Commerzbank, said.
Green Pool Commodities, in a weekly market report, also referred to the impact of the rains in top grower Brazil.
"Rain is covering centre-south Brazil this week, which may bring a quicker finish to a longer than expected tail end to the harvest," Green Pool said.
"The rains, though, will bring much needed relief to drought parched crops and bodes well for next year's harvest."
Arabica coffee futures were supported by a forecast by Volcafe, the Swiss-based coffee division of commodities house ED&F Man, for a 2014/15 global coffee deficit of 10 million bags.
Volcafe forecast a coffee deficit in 2014/15, up from its September estimate of 9 million bags.
"Volcafe is highly regarded in the market, so what it has to say, has influence," Kuhl said.
March arabica coffee futures on ICE traded up 0.75 cents, or 0.4 percent, at $1.9145 per lb. January robusta coffee on ICE traded up $7, or 0.3 percent, at $2,085 a tonne.
Cocoa on ICE was little changed, with upside capped by ample new crop supplies from West African producers, Kuhl said.
Cocoa arrivals at ports in Ivory Coast will reach around 408,000 tonnes between the start of the season on Oct. 1 and Nov. 23, according to an estimate from exporters, down from an estimate last year of 420,000 over the same period.
ICE March cocoa was up $12, or 0.4 percent, at $2,834 a tonne in choppy dealings, while March London cocoa rose 4 pounds, or 0.2 percent, to 1,877 pounds a tonne. (Editing by Susan Thomas)
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