SOFTS-New York Cocoa Falls on Improved Ivorian Crop Outlook
Category: Cocoa
(Reuters) – New York cocoa futures on ICE fell on Friday, weighed by an improving outlook for production in Ivory Coast although volumes were light as traders awaited additional arrivals data from the world’s top grower.
December New York cocoa fell $40 or 1.4 percent to $2,692 per tonne at 1145 GMT.
“October’s usually a quiet month, and trading usually picks up again in November when hopefully you get a bit more size on the arrivals, and a clearer picture of how much cocoa is coming in,” one London-based dealer said.
“They (arrivals) have been OK as of now…not fantastic, but not disastrous.”
Top cocoa producer Ivory Coast’s main crop is set to increase in the 2016-2017 season to between 1.27 million and 1.3 million tonnes, four exporters said on Thursday.
The previous main crop was 1.25 million tonnes according to the Coffee and Cocoa Council (CCC).
Dealers said a weaker sterling limited losses in London cocoa with the March contract off 6 pounds or 0.3 percent at 2,188 pounds per tonne.
Sugar futures turned lower, with the market continuing to trade in relatively light volumes ahead of October first half cane crush data from Brazil sugar industry group Unica.
The data is expected to be released on Friday or Monday.
March raw sugar was 0.15 cent or 0.7 percent lower at 22.44 cents per lb.
December white sugar fell $3.90 or 0.7 percent at $592.90 per tonne.
Robusta coffee futures fell slightly after October export estimates from top robusta producer Vietnam exceeded market expectations.
January robusta coffee fell $3 or 0.1 percent to $2,172 per tonne. The second month contract touched its highest level since October 2014 in the previous session, at $2,188.
Vietnam is expected to export an estimated 130,000 tonnes (2.17 million 60-kg bags) of coffee in October, up 47.7 percent from the same month last year, the government said on Friday, above market expectations.
Rain in recent weeks has delayed the maturing process of coffee cherries in the Central Highlands of the world’s biggest robusta producer, raising concerns over supply in the next few weeks.
December arabica coffee fell 0.15 cent or 0.1 percent to $1.6465 per lb.
