NY coffee and sugar sink, cocoa climbs to end up

Mon Apr 16, 2012 2:18pm EDT

April 16 (Reuters) - Arabica coffee futures tumbled to close
at a 1-1/2-year low on Monday, on follow-through weakness, while
raw sugar finished at a four-month low on May/July spread
dealing.	
    U.S. cocoa futures defied the weak trend in the commodity
complex and closed higher as the market's inversion widened
ahead of the May contract's first notice day Tuesday.	
    	
 2:00 PM      SETTLE    NET     PCT      LOW    HIGH  CURRENT
                       CHNG    CHNG                       VOL
 Sugar MAY      22.9  -0.47   -2.0%    22.85   23.43   45,858
 Sugar JUL     22.31   -0.5   -2.2%    22.26   22.85   55,579
 Cocoa MAY      2300     52    2.3%    2,222   2,307    3,078
 Cocoa JUL      2226     26    1.2%    2,162   2,242   11,479
 Coffee MAY    174.7   -4.5   -2.5%   172.65  180.00   13,407
 Coffee JUL   175.85  -4.35   -2.4%   173.90  181.35   23,118
 
 TOTAL MARKET              VOLUME          
                CURRENT   30D AVG  250D AVG
 ICE SUGAR      141,085   110,111    90,669
 ICE COCOA       19,496    26,853    19,788
 ICE COFFEE      47,826    27,894    20,430
                                                             
    RAW SUGAR  
    * May raw sugar futures on ICE sank 0.47 cent, or 2
percent, to end at 22.90 cents a lb, the lowest settlement since
Dec. 15 for the spot contract.	
    * Market tumbles on switch trade, investor sales - brokers.	
    * Newedge analyst Mike McDougall said large delivery in
white sugar market underscores bumper supplies in sugar.	
    * India was the top deliverer against the expired May white
sugar contract in London for first time since 2008.	
    * Imminent start of Brazil center-south cane harvest keeping
market on defensive.	
    	
    ARABICA COFFEE
    * July arabicas tumbled 4.35 cents, or 2.4 percent,
to settle at $1.7585 per lb, the weakest close for the second
position since Oct. 2010.	
    * July contract broke out of its month-long trading range of
$1.77-$1.95.	
    * May/July spreading continued ahead of the May contract's
first notice day Friday, significantly boosting volume -
traders.	
    * May/July spread closed at 1.15 cents, from 1 cent on
Friday.	
    * Market dropped on follow-through weakness after turning
sharply loewr late in the session on Friday - traders.	
    * Computer-driven speculative selling seen pressuring the
market - traders.	
    * Speculators raised their net short position by a small 738
lots to 18,292 lots in the week ended April 10 - Commodity
Futures Trading Commission (CFTC) data. 	
    	
    COCOA
    * July cocoa rose $26, or 1.2 percent, to settle at
$2,226 per tonne.	
    * The May/July spread remained wound down ahead of the May
contract's first notice day on Tuesday.	
    * The spread continued to widen, closing at a $74 premium
from $48 on Friday.	
    * "We saw quite a bit of buying, less interest in selling at
the moment, that's why you're seeing that premium." - Spencer
Patton, founder and chief investment officer of Steel Vine
Investment in Chicago.	
    * The market was choppy, following the pound against
the U.S. dollar lower earlier and then turning higher together -
traders.	
    * "We've seen shorts definitely get squeezed a little bit
because they couldn't break below the $2,050 mark (basis July).
All those attempts were stopped." - Patton.	
    * Some earlier pressure also came from cocoa grindings in
Malaysia fell 8.4 percent to 74,562 tonnes in the first quarter
of 2012 compared with the same period last year - Malaysian
Cocoa Board. 	
    * Cocoa purchases declared to Ghana's sector body Cocobod
reached 717,171 tonnes by March 22 since the start of the
2011/2012 season last October, Cocobod sources said, amid fears
of a production shortfall.         	
    * Speculators raised their net short position in U.S. cocoa
futures and options to the biggest on record - CFTC data.
 	
    	
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 (Reporting by Marcy Nicholson and Rene Pastor;editing by Sofina
Mirza-Reid)