May 16, 2019 / 12:15 PM / 2 months ago

SOFTS-Robusta coffee falls as attempts to find floor flounder

LONDON, May 16 (Reuters) - Robusta coffee on ICE fell for a second day running on Thursday, as the beaten-down market’s attempts to find a floor floundered amid persistent concerns over excess supply.

COFFEE

* July robusta coffee fell $15, or 1.1%, to $1,360 a tonne by 1249 GMT, having hit a 2-1/2 week high on Tuesday.

* Robusta prices have steadied since hitting a nine-year low of $1,267 earlier this month.

* Domestic coffee prices in Vietnam have partially rebounded after hitting the lowest level in six years last week, while shipments from the country are forecast to fall significantly this month.

* A dealer said robusta is struggling to find a floor amid excess supply, adding forecasts of falling shipments from Vietnam need to materialise first before prices can firm.

* July arabica coffee rose 0.5 cents, or 0.5%, to 91.75 cents per lb, having set a 13-year low of 87.60 cents earlier this month.

* U.S. green coffee stocks rose by 235,239 bags to 6.3 million 60-kg bags by end-April.

SUGAR

* July raw sugar rose 0.01 cents, or 0.1%, to 11.86 cents per lb, having closed lower on Thursday despite several deficit forecasts for 2019/20 made during New York Sugar Week this week.

* A global sugar deficit of 6.7 million tonnes is seen developing in 2019/20, following a 401,000-tonne surplus in the previous season, Louis Dreyfus Company said at the event.

* Sucden Brazil sees a sugar deficit of 2.5 million tonnes next season on falling Indian and Thai production.

* “One could argue that prices have just dropped into a new lower range of 11.50 – 12.50,” said a dealer, explaining that while funds are heavily short and there is a good chance of a deficit in 2019/20, stocks are ample and demand remains weak.

* Suedzucker said trading conditions are expected to remain tough in the first half of its 2019/20 financial year because of low sugar prices but an improvement could be in sight from October.

* South German sugar beet growers’ association VSZ will not support plans by French farmers to make a purchase offer for two sugar factories that Suedzucker is planning to close, saying capacity must be removed to support prices.

* ICE August white sugar was up $0.1, or 0.1%, at $327 a tonne.

COCOA

* July London cocoa rose 10 pounds, or 0.6%, to 1,707 pounds, after hitting a six-week low in the prior session.

* July New York cocoa was flat at $2,321 a tonne, having hit a six-week low in the prior session.

Editing by Elaine Hardcastle

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