April 28, 2020 / 11:24 AM / a month ago

SOFTS-Raw sugar sets 12-1/2 year low, cocoa, coffee edge up

LONDON, April 28 (Reuters) - ICE raw sugar futures hit a 12-1/2 year low on Tuesday as the prospect of record production in Brazil this year weighed on the market, while coffee and cocoa edged higher.

SUGAR

* May raw sugar ​​fell 0.11 cents, or 1.2%, to 9.10 cents per lb by 1113 GMT, having earlier hit its lowest level since September 2007 at 9.05 cents.

* Dealers said continued weakness in energy prices had prices reinforced concerns that Brazilian mills will use as much cane as they can to produce sugar this season rather than biofuel ethanol.

* Brazil is expected to produce a record amount of sugar in the current season which will take the country back to the top spot among the world’s largest producers, surpassing India, according to a study from Sao Paulo-based sugar and ethanol consultancy Job Economia.

* “Brazil’s prospective switch to maximum sugar is becoming more and more vivid to the market as the oil prices for later this year fall,” Commonwealth Bank of Australia analyst Tobin Gorey said in a note.

* Dealers noted the May raws contract is due to expire on Thursday with early projections that around 750,000 to one million tonnes may be delivered. * August white sugar fell $2.00, or 0.65%, to $305.50 a tonne.

COCOA

* July New York cocoa was up $9, or 0.4%, at $2,339 a tonne with the market supported partly by ongoing concerns about the prospects for the mid-crop in top grower Ivory Coast.

* Well below average rainfall last week in most of Ivory Coast’s cocoa regions has reduced expectations of a healthy mid-crop marketed from April to September.

* July London cocoa rose 1 pound, or 0.05%, to 1,893 pounds per tonne​.

COFFEE

* July arabica coffee rose 0.95 cents, or 0.9%, to $1.0715 per lb, edging away from a one-month low of $1.0590 set on Monday.

* July robusta coffee was up $10, or 0.9%, at $1,160 a tonne. (Reporting by Nigel Hunt; editing by David Evans)

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