April 23, 2019 / 6:09 PM / 3 months ago

SOFTS-New York cocoa falls to three-week low, raw sugar climbs

 (Recasts, updates prices, adds market activity, comments, adds
NEW YORK to dateline)
    NEW YORK/LONDON, April 23 (Reuters) - New York cocoa futures
on ICE fell on Tuesday for the third straight session as the
market continued to consolidate following a short-covering
rally, while raw sugar climbed. 
    
    COCOA
    * July New York cocoa        settled down $50, or 2.1
percent, at $2,292 per tonne after dipping to a three-week low
of $2,275. 
    * This was its third straight daily decline, as a
short-covering rally that had lifted prices to a three-month
high on April 11 ran out of steam. 
    * July London cocoa         settled down 33 pounds, or 1.9
percent, at 1,731 pounds per tonne.
    * Last week, data on global cocoa grindings came in above
market expectations, signaling robust demand.
                                     
    * "People keep on talking about great demand from the
grindings but the production figures are hard to ignore," said
Jason Estrada, senior trader at INTL FC Stone in Miami. 
    * Cocoa arrivals at ports in top grower Ivory Coast reached
1.803 million tonnes between Oct. 1 and April 21, exporters
estimated on Tuesday, up around 14 percent year on year.
            
    * Ghana's graded and sealed arrivals reached 698,553 tonnes
between Oct. 1 and April 4, compared to 657,604 tonnes between
Oct. 1 and April 12 the previous season, figures from marketing
board Cocobod showed.             
    
    SUGAR
    * July raw sugar        settled up 0.13 cent, or 1 percent,
at 12.90 cents per lb, still within its recent range of between
12.50 and 13 cents. 
    * Higher crude prices could help push the contract towards
another attempt at 13 cents, but the weak Brazilian real could
provide some headwind, Sucden Financial senior trader Nick
Penney said in a market note. 
    * Higher crude prices encourage cane mills to produce
ethanol rather than sugar.      
    * Brazil's total cane crush fell for the third consecutive
year in the 2018/19 crop that ended in March to 625 million
tonnes.             
    * August white sugar         settled down 50 cents, or 0.2
percent, at $338.20 per tonne.
    
     COFFEE
    * July arabica coffee        settled up 0.4 cent, or 0.4
percent, at 93.25 cents per lb. 
    * On Monday, the contract climbed to a more than one-week
peak of 95.25 cents on short covering, dealers said, before
falling later in the session.
    * The contract plunged last week to a 13-1/2-year low of 89
cents, dragged down by global oversupply.
    * "The factors pushing coffee down have not changed. The
market will maintain its downtrend for the time being," said a
dealer.
    * July robusta coffee         settled down $17, or 1.2
percent, at $1,399 per tonne after touching $1,396, a more than
three-year low. 

 (Reporting by Ayenat Mersie in New York and Maytaal Angel in
London; Editing by Bernadette Baum)
  
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