Commodities

SOFTS-Robusta coffee edges up as rains slow Vietnam harvest

Credit: REUTERS/Jose Roberto Gomes

London robusta coffee futures on ICE rose on Thursday, a day after New York arabica touched 10-year highs, on persistent supply snags in top robusta producer Vietnam.

Updates with closing prices

LONDON, Nov 25 (Reuters) - London robusta coffee futures on ICE rose on Thursday, a day after New York arabica touched 10-year highs, on persistent supply snags in top robusta producer Vietnam.

U.S. markets were closed for the Thanksgiving holiday.

COFFEE

* January robusta coffee LRCc1closed 0.5% higher at $2,292 a tonne.

* Fresh coffee beans from Vietnam's 2021/22 (Oct-Sept) harvest have yet to arrive because rains in key growing areas and a cherry picker shortage have disrupted bean processing, traders said.

* Looking further ahead, dealers cited a U.S. Department of Agriculture report that forecast a rise in Vietnam green coffee exports to 22.9 million bags in 2021/22, up 4.5% year on year.

* March arabica coffee KCc2 closed 1.4% up at $2.4540 per lb on Wednesday after peaking at $2.4755, its highest since October 2011.

* Arabica remains plagued by worries over container shipping backlogs in top producer Brazil, fears over farmer delivery defaults and falling ICE certified stocks. KC-TOT-TOT.

SUGAR

* March white sugar LSUc1ended unchanged at $511.20 a tonne.

* Dealers said the market has slipped back into range-trading and will be quiet until early next week.

* March raw sugar SBc1 closed 0.9% down on at 19.93 cents per lb on Wednesday.

* Citi has upgraded its average sugar price forecast for 2022 from 19.5 cents to 20.3 cents, citing persistent market tightness through the 2022/23 season, the La Nina weather phenomenon hitting Brazil's output and low Indian exports.

COCOA

* March London cocoa LCCc2closed 0.1%lower at 1,718 pounds a tonne having hit a one-month high of 1,758 pounds on Tuesday.

* Top producers Ivory Coast and Ghana are reportedly selling at these price levels, with above-average rains in the two countries reducing worries about falling output this season.

* Citi expects a global cocoa deficit of 75,000-100,000 tonnes in 2021/22 but said the market is still working off the 300,000 tonnes surplus from 2020/21.

* March New York cocoa CCc2 closed 2.1% down at $2,512 a tonne on Wednesday.

(Reporting by Maytaal Angel and Nigel Hunt; Editing by David Goodman and Richard Chang)

((maytaal.angel@thomsonreuters.com(00442075429105)(Reuters Messaging: maytaal.angel.thomsonreuters.com@reuters.net) ))

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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