May 19, 2020 / 11:12 AM / 10 days ago

SOFTS-Raw sugar eases slightly, coffee little changed

LONDON, May 19 (Reuters) - Raw sugar futures on ICE were slightly lower on Tuesday with the market hovering just below key resistance while coffee and cocoa prices were little changed.

SUGAR

* July raw sugar fell 0.02 cents, or 0.2%, to 10.78 cents per lb by 1101 GMT.

* Dealers said the market was underpinned by the recent improved performance of energy prices but was struggling to overcome resistance at around 11 cents per lb.

* The market’s focus remained on the extent to which mills in Centre-South Brazil will shift production this year towards sugar at the expense of ethanol.

* “Oil prices in the mid-thirties and above likely mean that ethanol is price competitive with gasoline in Brazil. And because the vast majority of Brazil’s cane is yet to be cut, there is still time for sugar production estimates to fall,” Commonwealth Bank of Australia analyst Tobin Gorey said.

* August white sugar was down $0.40, or 0.1%, at $363.20 per tonne.

COFFEE

* July arabica coffee rose 0.05 cents, or 0.05%, to $1.078 per lb.

* Dealers said the outlook for the crop in top producer Brazil remained generally favourable.

* July robusta coffee was up $4, or 0.3%, to $1,186 a tonne.

* JDE Peet’s BV, the owner of Jacobs, Douwe Egberts, Peet’s Coffee and other brands, said on Tuesday it would seek to raise at least 700 million euros ($764 million) via an initial public offering on the Euronext Amsterdam exchange.

COCOA

* July New York cocoa was up $4, or 0.2%, at $2,408 a tonne.

* Rainfall was still below average in most of Ivory Coast’s cocoa growing regions last week but the arrival of downpours could help the April-to-September mid-crop, farmers said on Monday.

* July London cocoa fell 1 pound, or 0.05%, to 1,952 pounds a tonne​. (Reporting by Nigel Hunt. Editing by Jane Merriman)

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