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Raw sugar edges up, Brazil cane crush data awaited

Raw sugar futures crept higher on Tuesday as the market awaited the release of cane crush data for the key centre-south region of Brazil which was expected to be issued later in the day.

Brazil industry group Unica is expected to release a report covering the first two weeks of August.

“As the weather over the period was dry, the general expectations are quite positive. However, there were reports of localised rains which would have caused disruption and we heard some rumours of mills needing work/maintenance,” Tom Kujawa, co-head of softs at Sucden Financial said.

Expectations for cane crush in Brazil’s main center-south region ranged from 44.2 million to 48.2 million tonnes, an S&P Global Platts survey of analysts showed.

The average estimate of 46.03 million tonnes would be down 4 percent from the year-earlier crush.

October raws was up 0.05 cents, or 0.2 percent, at 20.72 cents per lb at 1105 GMT.

The International Sugar Organization on Tuesday, in its first full assessment of the upcoming 2016/17 season, forecast there would be a global sugar deficit of 7.05 million tonnes.

The inter-governmental body also estimated there would be a deficit of 5.74 million in the 2015/16 season.

October white sugar rose $2.30, or 0.4 percent, to $542.5 per tonne.

London-based soft commodity markets, including white sugar, re-opened on Tuesday after a UK public holiday on Monday.

Arabica coffee futures were slightly higher with the market underpinned by concerns about the outlook for the 2017/18 harvest in top producer Brazil.

Commerzbank said in a market note on Tuesday the 2016/17 arabica crop in Brazil had been “surprisingly positive” but price levels had been maintained because of concerns about next year’s crop.

“A number of instances of sudden frost in recent months and cold weather could have reduced potential yields (for next year’s crop) although they can no longer do anything to harm the current crop,” the bank said.

December arabica coffee was up 0.45 cent, or 0.3 percent, at $1.4555 per lb.

September robusta coffee was up 0.2 percent at $1,786 a tonne.

New York cocoa futures edged higher, recouping some of the prior day’s steep losses, with December up $11, or 0.4 percent, at $2,936 a tonne.

London cocoa futures were lower, however, adjusting to the decline on Monday when UK markets were shut.

December London cocoa was off 32 pounds, or 1.35 percent, at 2,340 pounds a tonne

(Reuters)

 

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