February 6, 2018 / 12:31 PM / 4 months ago

SOFTS-New York cocoa futures fall, raw sugar also lower

LONDON, Feb 6 (Reuters) - New York cocoa futures on ICE were lower on Tuesday, weighed down by the continued strong pace of port arrivals in top grower Ivory Coast while sugar fell slightly after the prior session’s sharp advance.

COCOA

* March New York cocoa fell $19, or 0.9 percent, to$2,026 a tonne by 1214 GMT,

* “Another strong crop (in Ivory Coast) should continue to weigh on prices,” ING said in a market note.

* Dealers said, however, there remained the possibility that Ivory Coast port arrivals could start to fall below last year’s pace if crops do not receive needed rains in time.

* Low rainfall in most of Ivory Coast’s cocoa growing regions may hinder the April-to-September mid-crop as trees suffer from a lack of moisture, farmers said on Monday.

* Cocoa prices should rise by the end of the year, recovering some ground after two consecutive annual declines, a Reuters survey of nine traders and analysts showed.

* May London cocoa was unchanged at 1,457 pounds a tonne, underpinned by the weakness of sterling as the currency fell to a two-week low against the dollar.

SUGAR

* March raw sugar was down 0.07 cent, or 0.5 percent, at 13.83 cents per lb.

* Dealers said the run-up on Monday had been largely fuelled by a bout of investor short covering but market fundamentals remained bearish with a global surplus widely expected in both the current 2017/18 season and 2018/19.

* India is likely to continue exporting sugar in the 2018-2019 season, Abinash Verma, director general of the Indian Sugar Mills Association, said on Tuesday.

* March white sugar fell $2.30, or 0.6 percent, to $358.90 per tonne.

COFFEE

* March arabica coffee fell 0.30 cents, or 0.25 percent, to $1.1950 per lb.

* Dealers said the prospect of a huge crop in Brazil this year continued to keep a lid on prices.

* Brazil, the world’s biggest coffee grower, will harvest 60.7 million 60-kg bags in 2018/19, up 23 percent from the prior year, trader Comexim said in a report on Monday.

* March robusta coffee was unchanged at $1,780 a tonne.

* Coffee stocks held in European ports fell 5.3 percent in December, figures from the European Coffee Federation (ECF) showed on Tuesday. (Reporting by Nigel Hunt, editing by David Evans)

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