SOFTS-Arabica coffee prices slip as rains aid Brazil crop

  • Reuters
  • Commodities News
SOFTS-Arabica coffee prices slip as rains aid Brazil crop

LONDON, Oct 15 (Reuters) - Arabica coffee futures on ICE (NYSE: ICE ) were lower on Wednesday with rains in Brazil set to improve the outlook for next year's crop while London cocoa prices edged up boosted by a weaker pound.

COFFEE

* December arabica coffee KCc1 fell by 2.40 cents, or 2.2%, to $1.0720 per lb by 1014 GMT.

* Dealers noted forecast rains in Brazil should improve the outlook for crops in the world's top producer although dry conditions remain a concern.

* "Increasing chances for showers, especially in the southern region, will be favorable to flowering this week. Stressed soils should be eased but more moisture is needed to reverse stress," weather service Maxar said in a daily update.

* November robusta coffee LRCc1 fell by $6, or 0.5%, to $1,244 a tonne.

* Coffee plants in Vietnam suffered no harm from the tropical storm sweeping through the country, traders said on Thursday. December London cocoa LCCc1 was up 9 pounds, or 0.55%, at 1,645 pounds, edging further away from a seven-week low of 1,628 pounds set on Wednesday.

* Dealers noted the European cocoa grind showed a year-on-year decline in the third quarter as the COVID-19 pandemic curbed demand although the 4.7% drop was smaller than the second quarter's 8.9% fall. The third quarter grind for North America is due to be issued later on Thursday.

* December New York cocoa CCc1 ​​was down $24, or 1.0%, at $2,367 a tonne.

SUGAR

* March raw sugar SBc1 ​was unchanged at 14.20 cents per lb with the market consolidating just below a 7-1/2 month peak of 14.55 cents set on Monday.

* Dealers noted uncertainty about India's export policy continued to constrain selling while the outlook on prices charts remained supportive despite this week's modest setback from Monday's peak.

* December white sugar LSUc1 rose by $1.60, or 0.4%, to $388.50 a tonne.

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