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NY coffee and cocoa settle lower, sugar inches up
July 16, 2012 / 6:09 PM / 5 years ago

NY coffee and cocoa settle lower, sugar inches up

July 16 (Reuters) - Arabica coffee futures closed lower
Monday as the market dropped from levels viewed as overbought.
U.S. cocoa also eased.
    Raw sugar futures changed direction late in the session and
closed up a shade. All three markets dealt in thin volume.

 1:59 PM      SETTLE    NET     PCT      LOW    HIGH  CURRENT
                       CHNG    CHNG                       VOL
 Sugar OCT     22.77   0.04    0.2%    22.32   22.92   46,336
 Sugar MAR     23.22   0.02    0.1%    22.80   23.27   23,193
 Cocoa JUL      2197    -13   -0.6%      000     000         
 Cocoa SEP      2197    -19   -0.9%    2,176   2,236    9,919
 Coffee JUL   182.55   -1.9   -1.0%   180.60  186.80        8
 Coffee SEP   183.95  -2.15   -1.2%   183.05  188.20   10,084
 
 TOTAL MARKET              VOLUME          
                CURRENT   30D AVG  250D AVG
 ICE SUGAR       86,983   143,113    95,223
 ICE COCOA       17,476    27,225    21,664
 ICE COFFEE      17,066    27,864    21,987
                                                              
    RAW SUGAR
    * Benchmark October raw sugar futures settled up 0.04
cent at 22.77 cents a lb.
    * Late speculative buying lifts raws into positive territory
- brokers.
    * Market volume Monday on the light side and running about
40 percent under the 30-day norm - Thomson Reuters data.
    * Market slipped earlier on light investor and speculative
sales - brokers.
    * Weather in top producers Brazil and India dictating market
direction.
    * Brazil and Indian weather will be "primary" factors in
sugar market - Mike McDougall of brokerage Newedge USA.
    * El Nino weather pattern later in 2012 could lead to
further rains in Brazil and further disrupt monsoon rains in
India.
                
    ARABICA COFFEE
    * September arabica futures fell 2.15 cents, or 1.2
percent, to finish at $1.8395 per lb.
    * Market viewed as overbought after hitting a three-month
high last week on heavy short-covering - traders.
    * Lack of follow-through short-covering allowed the market
to fall in thin dealings - traders.
    * Price fixing by producers in Brazil and Colombia helped
prevent deeper losses - traders.
    * ICE certified arabica stocks jumped by 5,266 bags to
1,690,982 bags on July 13, the highest since December 2010.
There were a heavy 69,771 bags pending grading - ICE data.
    * Speculators cut their net short position in arabica
futures and options by 4,759 lots to 12,362 lots by July 10 -
U.S. Commodity Futures Trading Committee data Friday.
 
        
    COCOA
    * Benchmark September cocoa futures eased $19, or 0.9
percent, to close at $2,197 per tonne.
    * The market eased, despite the firm sterling against
the U.S. dollar that often provides support, as it fell along
with the early pressure felt in the commodity complex - traders.
    * Cocoa futures continued to digest the sharply lower
European grind data that was released on July 12 - traders.
    * North American second-quarter grind data will be released
post-market on Thursday - ICE.
    * In the week to July 10, speculators trimmed their net
short position in ICE cocoa futures and options by 4,601 lots to
2,190 lots, the smallest position in nearly a year - CFTC.
    * Cocoa grindings in Malaysia rose 3.3 percent in the second
quarter. 
    * Steady rainfall and ample sunshine in Ivory Coast's main
cocoa growing regions last week have kept the top grower on the
path towards a healthy start to the upcoming main crop -
farmers, analysts. 
        
For related news and prices, click on the codes in brackets:  
Sugar futures/spreads   Sugar cash prices  
Coffee futures/spreads  Coffee cash prices 
Cocoa futures/spreads   Cocoa cash prices    
       
RELATED NEWS AND OTHER TOPICS   
All sugar news            All coffee news         
All cocoa news            All softs news           
All commodities news        Softs diary       
Weather news             Foreign exchange rates    
SPEED GUIDES  

 (Reporting by Marcy Nicholson and Rene Pastor)

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