July 10, 2019 / 6:43 PM / 10 days ago

SOFTS-Cocoa dips amid confusion over Ghana, Ivory Coast pricing

 (Updates prices and market activity; adds comments, NEW YORK to
dateline)
    NEW YORK/LONDON, July 10 (Reuters) - Cocoa prices on ICE
dipped on Wednesday as dealers awaited clarity on how top
producers Ivory Coast and Ghana will price their beans going
forward, while coffee prices slipped. 
      
    COCOA
    * September London cocoa         settled down 21 pounds, or
1.1%, at 1,876 pounds per tonne, having touched a one-year high
of 1,939 pounds on Monday.
    * In a major market shake-up, Ivory Coast and Ghana, which 
produce some 60% of the world's cocoa, plan to introduce a new
pricing system for their beans.             
    * The countries are implementing a fixed "living income
differential" of $400 a tonne on all contracts sold by either
country in the 2020/21 season. 
    * "Short term they'll win (on price) but how long will it be
before industry reorganize themselves and Ivory Coast and Ghana
have too much production they have to control," said a
Europe-based trader.             
    * September New York cocoa        settled down $13, or 0.5%,
at $2,509 per tonne.
    * Total open interest climbed for the eighth straight
session to reach a one-year high of 281,530 lots, ICE data show,
as funds continue to add length, dealers said. 
    * Cocoa arrivals at ports in Ivory Coast reached 2.061
million tonnes between Oct. 1 and June 30, up about 10% year on
year.             
    * In an indication of strong demand, however, Ivorian
grinders processed 407,000 tonnes of beans by the end of June,
up 7% year on year.             

    
     COFFEE
    * September arabica coffee        settled down 1.55 cent, or
1.4%, at $1.059 per lb, its third negative finish in five
sessions. 
    * Prices hit a seven-month peak of $1.1565 on Friday on
fears over the weekend frost in top-grower Brazil, but have
since retreated as the market gauges the actual impact of the
frost. 
    * Brazil's Cooxupe will release a report later today with
its initial evaluation of the frost's impact.             
    * While Brazilian farmers are expecting crop damage from the
frost, investors are maintaining their expectations for record
production in 2020.             
    * September robusta coffee         settled down $6, or 0.4%,
at $1,430 per tonne.    
            
    SUGAR
    * October raw sugar        settled up 0.15 cent, or 1.2%, at
12.50 cents per lb.
    * Brazil's center-south region produced 2.19 million tonnes
of sugar in the second half of June, 4% less than in the same
period a year earlier, industry group Unica said.             
    * India's monsoon rains in the week ending on Wednesday were
above average for the first time since the start of the season
on June 1, easing drought concerns.             
    * August white sugar         settled up $2.10, or 0.7%, to
$321.40 a tonne.

 (Reporting by Ayenat Mersie in New York and Nigel Hunt in
London; editing by Edmund Blair, Mark Potter and Diane Craft)
  
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