June 27, 2019 / 12:57 PM / a year ago

SOFTS-Raw sugar futures steady but mkt fears large physical delivery

LONDON, June 27 (Reuters) - Raw sugar futures on ICE steadied on Thursday after hitting a three-week low in the prior session amid expectations of a large physical delivery against the July contract that expires on Friday.


* July raw sugar edged up 0.01 cents, or 0.1%, to 12.04 cents per lb at 1227 GMT.

* “The general view is that a large delivery suggests ample supplies and sluggish demand. However, at least one trade house appears to disagree,” said a dealer.

* The July contract’s discount to September SBN9-V9 narrowed to -0.29 cents having been as low as -0.32 cents on Wednesday.

* In industry news, India, a top sugar producer, saw monsoon rains 24% below average in the week ended June 26, the weather office said. The below-average rainfall this season threatens to curtail crop yields but Indian sugar stocks remain ample, weighing on the market.

* Elsewhere, sugar production in Brazil’s main producing region in the first half of June remained below levels seen at this time in the previous season, cane industry group Unica said.

* “It appears (supply from) alternative origins more than outweighs any potential reduction in Brazilian availability,” said a dealer.

* August white sugar rose $2, or 0.6%, to $321.30 per tonne.


* September arabica coffee rose 0.3 cents, or 0.3%, to $1.0600 per lb, after rising to a three-week peak of $1.0820 on Wednesday.

* Prices have picked up some support in recent weeks from a weaker dollar and stronger real, which discourages Brazilian producer selling of dollar-priced coffee, but plentiful global supplies continue to weigh.

* September robusta coffee rose $3, or 0.2%, to $1,437 a tonne.

* Coffee prices in Vietnam edged higher this week as supplies ran low, with farmers unwilling to sell below 35,000 dong per kg and almost no new deals made this week.


* September New York cocoa rose $3, or 0.2%, to $2,465 per tonne.

* Dealers are keeping a close watch on the weather in top producer Ivory Coast, where dryness is a concern.

* September London cocoa fell 6 pounds, or 0.3%, to 1,821 pounds a tonne. (Reporting by Maytaal Angel; Editing by Deepa Babington)

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