July 12, 2017 / 8:23 PM / in 4 months

SOFTS-Arabica coffee, raw sugar, cocoa futures edge higher

(New throughout with updated prices, adds market comment, adds NEW YORK dateline)

NEW YORK/LONDON, July 12 (Reuters) - Arabica coffee and raw sugar on ICE Futures U.S. rose on Wednesday, supported by currency fluctuations.

Cocoa also gained.

COFFEE

* September arabica coffee settled up 0.7 cent, or 0.55 percent, at $1.276 per lb.

* “The strength in the Brazilian real was what put a bid in coffee and sugar,” said Nick Gentile, managing partner of commodity trading advisor NickJen Capital.

* Brazil’s stocks and currency further strengthened on Wednesday after former President Luiz Inácio Lula da Silva was convicted of corruption charges.

* The real’s gains strengthen coffee and sugar prices, reducing exporters’ incentive to sell the dollar-traded commodities.

* September robusta coffee settled up $25, or 1.21 percent, at $2,097 per tonne, as chart signals strengthened after four sessions of losses.

* Dealers closely watched appetite to take delivery on the July contract amid expectations for tightening physical supplies over the next few months.

* Coffee supplies held by private market players in Brazil at the end of the 2016/17 crop year in March were seen at 9.86 million 60-kg bags, down 27 percent from a year earlier, Conab said on Wednesday.

* Mexico aims to more than triple its annual coffee production in the next 15 years.

SUGAR

* October raw sugar settled up 0.05 cent, or 0.37 percent, at 13.49 cents per lb. Prices turned higher late in the session, also bolstered by the real.

* Biweekly cane industry data from Brazil showed millers in the country’s center-south region increased sugar output in the second half of June.

* Mills crushed 47.55 million tonnes of cane and allocated 50.48 percent to sugar, broadly in line with market expectations. Ethanol output was at 1.797 billion litres, up from the first half of June, but down slightly more than expected on last year.

* August white sugar settled up $4.20, or 1 percent, to $406.40 a tonne ahead of expiry on Friday.

* The contract has been boosted by worries about tighter nearby deliverable supplies.

COCOA

* September New York cocoa settled up $4, or 0.22 percent, at $1,821 per tonne.

* September London cocoa settled up 2 pounds, or 0.14 percent, at 1,454 pounds per tonne.

* Top grower Ivory Coast will end forward sales of its 2017/18 cocoa crop early and will limit total volumes auctioned to 1.2 million to 1.25 million tonnes, two sources at the Coffee and Cocoa Council (CCC) said on Wednesday. (Reporting by Renita D. Young in New York and Ana Ionova in London; Editing by David Evans and Diane Craft)

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