Recasts, includes closing prices and comments
SAO PAULO/LONDON, Nov 10 (Reuters) – Raw sugar futures on ICE fell 1% on Wednesday, hit by higher-than-expected sugar production in Centre-South Brazil, while inflation jitters affecting wider financial markets also pressured prices of the commodity. MKTS/GLOB
SUGAR
* March raw sugar SBc1 closed down 1.1% at 19.60.
* Dealers noted a report issued by industry group Unica showed sugar production in Centre-South Brazil was slightly higher than expected during the second half of October at 858,000 tonnes.
* A survey by S&P Global Platts had an average estimate for the CS Brazil production data of 711,200 tonnes.
* “The end of season yields (in Brazil) have not been as poor as some had thought,” said a U.S.-based broker.
* December white sugar LSUc1, which expires next Monday, fell 1% to $507.20 a tonne.
COCOA
* March New York cocoa CCc2 settled up $50, or 2.0%, to $2,514 a tonne, extending its rebound from a three-month low of $2,433 set on Monday.
* The world’s biggest chocolate maker Barry Callebaut BARN.S said it expects the global cocoa market to be much more balanced in the 2021/22 season as demand recovers from pandemic-related weakness.
* “There’s no reason to think the crop won’t be good, but the demand of course comes back and that’s where you get a more balanced view,” chief financial officer Ben De Schryver said.
* The International Cocoa Organization currently estimates there was a global surplus of 230,000 tonnes in 2020/21.
* March London cocoa LCCc2 rose 32 pounds, or 1.9%, to 1,702 pounds per tonne.
COFFEE
* January robusta LRCc2 fell $11 to $2,215 a tonne, having closed up 2.8% on Tuesday.
* Top robusta producer Vietnam’s coffee exports in October fell 1.1% from September, government data showed. Coffee shipments in the first 10 months of this year fell 4.2% from a year earlier.
* March arabica coffee KCc2 fell 1.95 cent to $2.0670 per lb, having closed up 3.1% on Tuesday.
* Analysts from Rabobank and Safras & Mercado released estimates for Brazil’s production next year, seeing a mild recovery in the fields after recent rains.
(Reporting by Marcelo Teixeira, Maytaal Angel and Nigel Hunt, Additional reporting by Silke Koltrowitz; Editing by Kirsten Donovan, Barbara Lewis and Devika Syamnath)
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