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SOFTS-NY cocoa hits all-time high, robusta coffee steadies after 16-year peak

Credit: REUTERS/Luc Gnago

Adds comments on cocoa, includes closing prices

LONDON, March 11 (Reuters) - New York cocoa prices on ICE gained more than 5% on Monday to record highs as the market remains underpinned by an outlook of limited supplies.

Robusta coffee futures steadied after hitting their highest in at least 16 years last week.

COCOA

* May New York cocoa CCc2 ​settled up $332, or 5.2%, at $6,728 a metric ton. The contract rose to an all-time high of $6,779/ton during the session.

* May London cocoa LCCc2 rose 5.4% to 5,516 pounds per ton, short of a record high of 5,620 pounds set last week.

* Dealers said cocoa futures remain supported by tight supplies in the main producing region of West Africa.

* Cocoa arrivals at ports in top grower Ivory Coast since the start of the season on Oct. 1 had reached 1.114 million metric tons by March 10, down 28.1% from the same period last season, exporters estimated on Monday.

COFFEE

* May robusta coffee LRCc2 settled down $18, or 0.5%, at $3,279 a ton, having hit a peak of $3,460 last week — the highest since the current form of the contract started trading in January 2008.

* Dealers in Vietnam noted a significant decline in visible stocks and said this early destocking is another sign the 2023/24 crop is not bigger than 2022/23 — perhaps slightly smaller.

* They added the stocks' decline so early in the season - with six months to go to 2024/25 - shows the current crop has been heavily front-loaded due to strong demand.

* February coffee exports in Vietnam fell 32.6% month-on-month to 160,584 tons, data showed.

* Robusta coffee speculators raised their net long position by 2,730 lots to 41,241 lots as of March 5, data showed.

* May arabica coffee KCc2 was little changed at $1.85 per lb.

SUGAR

* May raw sugar SBc1 ​​rose 3.8% to 21.95 cents per lb.

* Dealers said sugar has been supported by the prospect of a smaller cane crop in top producer Brazil in the upcoming 2024/25 season.

* May white sugar LSUc1 rose 3.3% to $617.10 a ton.

(Reporting by Maytaal Angel and Marcelo Teixeira; Editing by Shilpi Majumdar, Barbara Lewis and Shweta Agarwal)

((marcelo.teixeira@tr.com; +1 332 220 8062; Reuters Messaging: marcelo.teixeira.thomsonreuters.com@reuters.net - https://twitter.com/tx_marcelo))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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