June 2, 2020 / 12:17 PM / a month ago

SOFTS-Raw sugar edges up on receding fears over excess supply

LONDON, June 2 (Reuters) - Raw sugar futures on ICE rose for a fourth straight session, helped by an uptick in oil prices and reduced concern over excess supplies.

Rising energy prices deter Brazilian cane mills from increasing sugar output at the expense of ethanol, a cane-based biofuel.

SUGAR

* July raw sugar rose 0.11 cents, or 1%, to 11.11 cents per lb by 1154 GMT, buoyed by optimism as countries emerge from coronavirus lockdowns.

* A dealer said the market was focused on talk that Brazilian farmers have relatively little selling left to do.

* The International Sugar Organization forecast a global sugar deficit of 9.3 million tonnes in the 2019/20 season, though the figure did not include a provision for the coronavirus impact.

* The agency estimated that 2.1 million tonnes of consumption may have been lost up to May 2020 because of the pandemic. Had that been included in the calculations, it would have wiped out most of this year’s consumption growth.

* Dealers said the report served to remind the market that this season’s deficit has not disappeared completely.

* August white sugar rose $3.10, or 0.9%, to $368.10 a tonne.

COFFEE

* July arabica coffee rose 0.3 cents, or 0.1%, to 98.55 cents per lb​​, having touched a seven-month low on Monday.

* Arabica is under pressure from weakness in the Brazilian real, bets on near-record output from Brazil and growing concern over demand prospects.

* Costa Rican coffee exports fell 13% in May and are down 3.5% for the first eight months of the 2019/2020 season.

* July robusta coffee rose $9, or 0.8%, to $1,168 a tonne.

* Indonesia’s Sumatran robusta coffee bean exports from Lampung province in May fell 9% from a year earlier.

COCOA

* July New York cocoa fell $20, or 0.8%, to $2,473 a tonne.

* Dealers said New York cocoa has been helped of late by weakness in the dollar, which makes dollar-priced cocoa cheaper for holders of other currencies.

* July London cocoa fell 23 pounds, or 1.2%, to 1,934 pounds a tonne. (Editing by David Goodman )

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