Updates with closing prices, adds comments
NEW YORK/LONDON, Jan 31 (Reuters) – Raw sugar futures on ICE closed marginally higher on Monday, recovering from a three-week low set earlier in the session and ending a seven-session losing streak.
Robusta coffee prices slumped to a three-month low.
SUGAR
* March raw sugar SBc1 closed 0.02 cent up, or 0.1%, at 18.22 cents per lb, recovering after hitting the lowest price since Jan. 11 at 17.90 cents.
* Dealers said the market’s recent weak performance had created a bearish technical outlook.
* Heavy rains in top sugar exporter Brazil over the weekend also improved the outlook for cane production.
* An improving outlook for production in India has also weighed on prices.
* India is likely to produce 31.45 million tonnes of sugar in the 2021/22 marketing year, nearly 3.1% more than the previous estimate, with output set to jump in the key western state of Maharashtra.
* March white sugar LSUc1 fell $2.70, or 0.5%, at $492.50 a tonne.
* A small global sugar deficit is expected in the 2022/23 season, analyst Green Pool said on Monday in its first forecast for the period.
COFFEE
* March robusta coffee LRCc1 fell $18, or 0.8%, at $2,175 a tonne after dipping to a three-month low of $2,161.
* Dealers said that a pick-up in the pace of exports from top robusta producer Vietnam had eased concerns about short-term supply tightness and helped to put the market on the defensive.
* March arabica coffee KCc1lost 0.8 cent, or 0.3%, at $2.351 per lb.
* ICE exchange said certified arabica stocks decreased by nearly 70,000 bags on Monday, a historically large daily draw, to 1.21 million bags, the lowest since October 2020.
COCOA
* March London cocoa LCCc1 settled up 7 pounds, or 0.4%, to 1,703 pounds per tonne, with the market underpinned by concerns about dry weather in top producer Ivory Coast.
* There has been no rain for a second straight week in most of Ivory Coast’s cocoa-growing regions, farmers said on Monday, warning that this could reduce the quality of beans for the last stage of the main crop and shrink the April-to-September mid-crop.
* March New York cocoa CCc1 rose $34, or 1.4%, to $2,528 a tonne.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Bernadette Baum and David Goodman)
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