Raw sugar fell in New York after a report on more supplies in Brazil, the world’s largest producer.
Sugar output from crushing cane in Brazil’s center-south climbed 30 percent in the first half of June and 51 percent so far this season over the same periods a year earlier, industry group Unica said yesterday. Prices dropped 11 percent this year.
“It wasn’t bullish,” Naim Beydoun, a broker at Swiss Sugar Brokers in Rolle, Switzerland, said by phone today. “Crushing is doing well.”
Raw sugar for October delivery fell 0.4 percent to 17.27 cents a pound by 5:14 a.m. on ICE Futures U.S. in New York. Prices are down 2.3 percent this quarter after falling 9.5 percent in the first quarter.
Arabica coffee gained 0.6 percent to $1.191 a pound.
The chance of a strike in Colombia, the fourth-largest producer, has yet to boost prices because of excess supply in Brazil, said Andrea Thompson, head of research and analysis at CoffeeNetork, part of INTL FCStone Inc., in Belfast, Northern Ireland.
“I’m not sure much is left to the downside because there has been so much negative news in place for so long,” she said.
Cocoa fell 0.3 percent to $2,158 a ton in New York. With cocoa down 0.4 percent at 1,458 pounds ($2,228) a ton in London, growers probably won’t sell until prices rebound at least 75 pounds, according to Marex Spectron Group Ltd.
To contact the reporter on this story: Claudia Carpenter in London at email@example.com
To contact the editor responsible for this story: Claudia Carpenter at firstname.lastname@example.org