Credit: REUTERS/Paulo WhitakerBy Marcelo Teixeira
NEW YORK, Sept 19 (Reuters) - Arabica coffee futures on ICE U.S. closed nearly 3% up on Monday as the market remains supportive amid reduced supplies and views of a smaller-than-expected crop in top grower Brazil.
Raw sugar futures closed down.
There was no trading for London cocoa, robusta coffee and white sugar futures on Monday due to the ceremonies for late Queen Elizabeth.
COFFEE
* December arabica coffee KCc2 settled up 6 cents, or 2.8%, at $2.211 per lb, in a choppy session. The contract rebounded after touching a nearly one-month low earlier at $2.1085 per lb.
* Dealers said fundamentals remain positive after downward revisions for the Brazilian production and reduced ICE certified arabica stocks.
* The exchange stocks fell to the lowest since June 1999 on Friday at 532,448 bags, with only a bit more than 3,000 bags pending grading.
* Brazilian government agency Conab will release on Tuesday at 9 a.m. Brasilia time (0600 GMT) its third projection for the country's 2022/23 coffee crop.
SUGAR
* October raw sugar SBc1 settled down 0.19 cent, or 1.1%, at 17.69 cents per lb. The contract will expire on September 30th.
* Dealers said that the market appeared weaker due to expected higher production in Asia and Brazil, but that there is support from the fact current levels would not attract Indian exports.
* "So if world production is substantially higher next year, then we do not need maximum sugar mix in Brazil, in which case the sugar price will be closely related to the Ethanol Parity, and that, today, stands at 14.70, and could go further down if world recession kills energy demand," said broker Marex.
* Brazil's Petrobras reduced gasoline prices again on Monday, which will only reinforce Brazilian mills' strategy to produce as much sugar as possible and less ethanol.
* Broker StoneX revised upwards its projection for a surplus in the global sugar supply.
COCOA
* December New York cocoa CCc2 settled up $9, or 0.4%, to $2,369 a tonne.
* Ivory Coast farmers said heavy rains recently could damage the main crop in the world's top producer.
* Cocoa arrivals in Ivory Coast reached 2.095 million tonnes by Sept. 18 since the start of the season on Oct. 1, down 4.1% from the same period last season.
(Reporting by Marcelo Teixeira; Editing by Shailesh Kuber)
((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net - https://twitter.com/tx_marcelo))
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