February 28, 2019 / 8:14 PM / 3 months ago

SOFTS-Cocoa falls, pressured by plentiful supplies; sugar, coffee also down

(Recasts throughout; updates prices, adds market activity, comments, changes dateline to NEW YORK)

NEW YORK/LONDON, Feb 28 (Reuters) - New York cocoa futures on ICE fell on Thursday, pressured by plentiful supplies and expectations of a continued global surplus, while sugar and coffee also fell.

COCOA

* May New York cocoa settled down $66, or 2.9 percent, at $2,247 per tonne. This was the second position’s biggest daily percentage drop since mid-December.

* Futures prices have been largely rangebound, dealers have said, with buying interest picking up at around the $2,100 level and drying up at around the $2,400 level. On the month, the contract gained 1.7 percent.

* Rising production in top growing region West Africa has kept the market on the defensive, dealers said.

* The International Cocoa Organization (ICCO) on Thursday forecast there would be a global cocoa surplus of 39,000 tonnes in the 2018/19 season.

* Ivory Coast exported 701,530 tonnes of raw cocoa beans from the start of the season on Oct. 1 to Jan. 31, up nearly 12 percent year-on-year, provisional port data showed.

* May London cocoa settled down 36 pounds, or 2.1 percent, at 1,683 pounds per tonne.

SUGAR

* May raw sugar settled down 0.19 cent, or 1.5 percent, at 12.78 cents per lb.

* The market was barely changed on the month, declining 0.2 percent.

* Brazil was set to receive needed rains, improving the outlook for crops in the world’s top exporter.

* Louis Dreyfus Co and Sucres et Denrées (Sucden) have scooped up about 20,000 lots of raw sugar against the ICE Futures U.S. contract that expires on Thursday, six traders said.

* May white sugar settled down $2.60, or 0.7 percent, at $348 per tonne.

* The global sugar surplus is expected to be 641,000 tonnes in the 2018/19 season, down from a previous forecast of 2.17 million tonnes, the International Sugar Organization (ISO) said on Thursday.

COFFEE

* May arabica coffee settled down 0.5 cent, or 0.5 percent, at 98.45 cents per lb, after trading as slow as 97.40.

* On Tuesday, the contract touched a five-month low of 96.35 cents, as plentiful supplies dragged prices down.

* On the month, the contract lost 9.7 percent, its worst monthly performance since August.

* May robusta coffee settled down $11, or 0.7 percent, at $1,537 per tonne.

* Coffee trading in both Vietnam and Indonesia remained muted for the week, as Vietnamese farmers were in no hurry to sell their coffee beans, while the new stock’s arrival was still a few months away in Indonesia. (Reporting by Ayenat Mersie in New York and Nigel Hunt in London Editing by Keith Weir and Rosalba O’Brien)

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