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SOFTS-Coffee prices fall nearly 9% as Brazil frosts appear less intense

Reuters, 04.08.21


Updates with closing prices, adds comments

NEW YORK/LONDON, July 30 (Reuters) - Arabica coffee futures on ICE closed down sharply on Friday as overnight frosts in top producer Brazil appeared to be less intense and widespread than some had expected.

Sugar prices also fell on Brazil weather and weakening demand.

COFFEE

* September arabica coffee KCc1settled down 16.95 cents, or 8.6%, at $1.7955 per lb, receding further away from a near 7-year high above $2 reached last week.

* Dealers said any overnight damage to trees was unlikely to be as significant as that inflicted by last week's frosts although the health of crops was being assessed.

* "The uncertainty over the extent of damage has kept coffee and sugar prices volatile," ING said in a note.

* Temperatures dropped across Brazil on Thursday and Friday - with rare snowfall overnight in several places - as a polar air mass advanced toward the center-south of the country, threatening coffee and sugarcane crops with frost.

* Anyhow, damage has already been done to the next Brazil crop, according to farmers and agronomists.

* September robusta coffee LRCc1settled down $99, or 5.3%, at $1,786 a tonne, following arabica.

SUGAR

* October raw sugar SBc1??closed down 0.39 cent, or 2.1%, at 17.91 cents per lb.

* Dealers were also waiting to see whether overnight temperatures in Brazil were cold enough to cause more damage to sugarcane crops.

* "Prices slid lower on a profit taking and a view that the cold weather predicted for Brazil maybe not as cold as feared," said a sugar broker.

* Dealers also said the demand seems absent as the refining premium continues to suffer.

* October white sugar LSUc1??settled down $5.70, or 1.3%, at $445.70 a tonne.

COCOA

* December New York cocoa CCc2??settled down $62, or 2.5%, to $2,422 a tonne?.

* December London cocoa LCCc2 ??fell by 23 pounds, or 1.4%, to 1,675 pounds per tonne?.

* Despite favourable financial results from large chocolate companies such as Hershey , as out-of-home sales rise, supplies continue to appear large with no problems in producing countries.



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