SOFTS-Raw sugar slumps to one-year low on Brazil production data

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28 July 2022, New Delhi: Raw sugar futures on ICE fell to a one-year low on Wednesday, weighed partly by stronger-than-expected production in the centre-south region of Brazil during the first half of July.

SUGAR

  • October raw sugar SBc1 fell 0.5% to 17.39 cents per lb by 1420 GMT after dipping to a one-year low of 17.32 cents.
  • Sugar production in Brazil’s centre-south totalled 2.97 million tonnes in the first half of July, sugar and ethanol industry group Unica said on Wednesday. 
  • Production had been expected to be around 2.84 million, according to a survey from S&P Global Commodity Insights. 

COFFEE

  • September arabica coffee KCc1 rose 2.5% to $2.1845 per lb.
  • Dealers said the market continued to derive support from falling exchange stocks. ICE certified stocks, as of July 26, stood at only 703,310 bags, sharply down from 2.18 million bags a year ago.
  • They also noted if the weather in top producer Brazil remains dry in coming weeks it could have an adverse impact on next year’s crop.
  • September robusta coffee LRCc2 rose 1.1% to $1,996 a tonne.
  • Food and beverage giant Nestle NESN.S said it has started operations at its new coffee processing plant in Mexico, its largest instant coffee site in the world, where it invested $340 million to process 670,000 bags per year. 

COCOA

  • September New York cocoa CCc1 fell 1.2% to $2,372 a tonne, slipping back after earlier climbing to a one-month peak of $2,410.
  • September London cocoa LCCc1 fell 0.7% to 1,752 pounds a tonne.

Also Read: Investment of Asean and Taiwan in India’s Food Processing Sector

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