NEW YORK (Reuters) – ICE futures contracts rose sharply on Wednesday, recovering from the previous session’s losses, while ICE prices also rose.
COCOA
* London-traded cocoa closed up 374 pounds, or 4.1%, at 9,487 pounds per metric ton, partly recovering from falls earlier in the week.
* The market set a high of £9,980 last week.
* Traders said supplies remained tight, with more favorable weather in top producer Ivory Coast too late to avoid a large global deficit in the current 2023/24 season.
* They said it was too early to accurately predict the extent to which production could recover in the 2024/25 season, which starts in October, although a more balanced global market appears likely.
* Farmers, who grow about 40% of the world’s cocoa, are getting record prices for their crops and could increase production significantly as early as next season, a leading cocoa expert said at a World Cocoa Conference in Brussels.
* July cocoa in New York rose 5.5% to $11,017 a ton.
COFFEE
* It closed up $149, or 3.6%, at $4,266 a ton, returning to last week’s record levels of $4,292.
* Traders noted that supplies in Vietnam, the main producer of Robusta, remained tight and there are reports that initial Robusta production in Brazil was lower than expected.
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* The drought in Vietnam’s central highlands will continue for the next 10 to 15 days, according to LSEG Commodities Research & Forecast.
* July rose 1.8%, to $2.259 per pound, driven by the strength of Robusta prices.
* ICE certified Arabica coffee stocks continued to rise, reaching 647,530 bags on April 23, compared to 251,224 bags at the end of 2023.
SUGAR
* Raw sugar closed up 0.09 cents, or 0.5%, at 20.00 cents per pound.
* Mills in Brazil’s central-southern region produced 689,300 tons of sugar in the first half of April, an increase of 27% compared to the previous year, according to a survey by S&P Global Commodity Insights on Tuesday.
* White sugar rose 0.6%, to $576.60 a ton.
(Reporting by Nigel Hunt and Marcelo Teixeira)
