SOFTS-Raw sugar prices slide as the March contract expires

Credit: REUTERS/Peter Nicholls

(Adds comments on sugar delivery, includes closing prices)

NEW YORK, Feb 29 (Reuters) -

Raw sugar futures on ICE fell sharply on Thursday with the focus on the expiry of the March contract, while cocoa regained some ground after the prior session's steep fall.


* March raw sugar , which expired on Thursday, fell 1.43 cent, or 6%, at 22.58 cents per lb.

* Dealers said that some traders seemed to have changed their minds about the amount of sugar they were willing to receive, one reason for the large sell-off in the session.


March deliveries

were seen at 25,751 lots, or around 1.3 million metric tons, according to preliminary information from traders, with Wilmar seen as the largest deliverer.

* Talk that India's crop could be slightly larger than expected contributed to the decline in prices and has prompted some to expect a global surplus in the 2023/24 season. * The International Sugar Organization (ISO) on Wednesday, however, forecast a small global deficit in 2023/24.

* May white sugar fell 3.1% at $615.10 a ton.


* May London cocoa ​settled up 28 pounds, or 0.5%, to 5,162 pounds a metric ton although prices remained well below a record high of 5,605 pounds set on Monday.

* Dealers said the market had suffered an expected setback after climbing by more than 50% in one month but fundamentals remain supportive following poor crops in Ivory Coast and Ghana, the world's top two producers.

* The International Cocoa Organization on Thursday forecast an increased global cocoa deficit in the current 2023/24 season as aged trees and disease contribute to a drop in production in top growers Ivory Coast and Ghana.

* May New York cocoa rose 0.9% to $6,049 a ton.


* May robusta coffee settled up $51, or 1.7%, at $3,095 a ton.

* Prices for futures of arabica and robusta coffees at the ICE exchange are expected to end 2024 below current levels, as well as lower than where they ended last year, a Reuters poll of 10 traders and analysts showed on Thursday.

* May arabica coffee rose 1.4% at $1.8435 per lb. (Reporting by Nigel Hunt; Editing by Emelia Sithole-Matarise and Shailesh Kuber) ((; +1 332 220 8062; Reuters Messaging: - Keywords: GLOBAL SOFTS/ (UPDATE 2)

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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