February 13, 2019 / 3:46 PM / 2 months ago

SOFTS-Raw sugar futures slip amid ample supply

LONDON, Feb 13 (Reuters) - Raw sugar futures on ICE slipped on Wednesday as traders saw the previous session’s rise to a one week high as overdone given still ample supplies, while arabica coffee hit its lowest since early January.

SUGAR

* March raw sugar traded down 0.5 percent at 12.79 cents per lb at 1511 GMT after touching a one-week high of 12.92 on Tuesday.

* The March contract’s premium over May SBH9-K9 narrowed versus the previous session to 0.21 cents.

* “There is plenty of sugar around for near term availability. Longer term there’s declines on the horizon but that’s not yet affecting the market,” said Stefan Uhlenbrock, senior analyst at F.O. Licht.

* Mexican sugar firm Sucroliq said it expected Mexican sugar production for the 2019 season to be at 6.2 million tonnes, with a surplus of 2.1 million tonnes.

* Brazilian sugar and ethanol company Sao Martinho believes below-average rains in December and January over the country’s main cane belt will take a toll, possibly preventing any production increase next season.

* Speculators sharply reduced their net short position in raw sugar on ICE Futures U.S. in the week to Jan. 15, U.S. government data showed on Tuesday.

* March white sugar traded up 1.7 percent at $331.40 a tonne after setting a four-month low of $323.40 in the previous session.

COFFEE

* March arabica coffee fell 0.3 percent to 99.55 cents per pound, having hit a five-week low of 99.15 cents.

* Prices fell even as the currency in top grower Brazil recovered. A stronger real tends to discourage producer selling.

* Arabica coffee prices will rise by the end of 2019 as the market swings to deficit, a Reuters poll showed.

* May robusta coffee dipped 0.1 percent to $1,533 per tonne.

COCOA

* May London cocoa edged up 0.1 percent to 1,710 pounds per tonne.

* More downpours are needed to strengthen Ivory Coast’s April-to-September cocoa mid-crop despite above-average rains in most growing regions last week, farmers said.

* May New York cocoa rose 0.7 percent at $2,286 per tonne. (Reporting by Maytaal Angel; Editing by Elaine Hardcastle)

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