July 11, 2017 / 6:46 PM / in 4 months

SOFTS-Cocoa futures extend rout as traders shrug off demand data

 (Recasts with updates prices, market comment; adds NEW YORK
dateline)
    NEW YORK/LONDON, July 11 (Reuters) - New York cocoa on ICE
Futures U.S. fell for a fifth straight session on Tuesday, and
hit a two-month low as expectations of oversupply offset strong
demand data.
    Sugar and coffee futures also retreated.
    
    COCOA  
    * September New York cocoa        fell to $1,791 before
settling down $21, or 1.14 percent, at $1,817 per tonne, weighed
by the strong pace of production in top grower Ivory Coast.
    * September London cocoa         hit a two-month low of
1,424 pounds per tonne and finished down 13 pounds, or 0.89
percent, at 1,452 pounds.
    * The decline came as speculators focused on an upcoming
surplus and continued their recent selling spree, shrugging off
a solid demand data from Europe and Ivory Coast. 
    * "It looks like some follow-through speculative selling,"
said Jack Scoville, a vice president with Price Futures Group in
Chicago. "Even with increased demand, there’s still going to be
an outlook for an oversupply."
    * Europe's second-quarter cocoa grind rose by 2.1 percent
from the same period last year to 331,850 tonnes, data showed on
Tuesday, in line with dealers expectations for an increase of 2
percent to 3 percent.           
    * Ivory Coast cocoa grinders processed 389,000 tonnes of
beans by the end of June, up 14 percent versus the previous
year, data showed on Tuesday.             
    * Germany's second-quarter cocoa grind was down 2.94
percent.             
        
    SUGAR 
    * October raw sugar               finished down 0.12 cent,
or 0.88 percent, at 13.44 cents per lb. A short-covering rally
took prices to a four-week high of 14.39 cents on Monday.
    * "So far an entire week's gains have been wiped out, thus
confirming that the rally was a technical one taking place in an
oversold market," Sucden Financial senior trader Nick Penney
said in a note.
    * India this week raised import taxes on sugar, adding to a
bearish outlook.             
    * The European Commission forecast that the European Union's
white sugar production would reach 20.1 million tonnes in
2017-18, 20 percent above the current 2016-17 season.
            
    * August white sugar         finished down by $2.80, or 0.7
percent, at $402.20 a tonne. 

    COFFEE 
    * September robusta coffee         settled down $28, or 1.33
percent, at $2,072 per tonne.
    * Top producer Vietnam exported 2.03 million 60-kg bags of
coffee in June, unchanged from the prior month, the General
Department of Vietnam Customs said on Tuesday, slightly above
expectations.             
    * September arabica coffee        settled down 1.7 cents, or
1.32 percent, at $1.269 per lb after touching an over one-week
low of $1.258.

 (Reporting by Renita D. Young and Chris Prentice in New York
and Nigel Hunt in London; Editing by David Goodman and Lisa
Shumaker)
  

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