April 16 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
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
* 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.
* 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
* May/July spreading continued ahead of the May contract's
first notice day Friday, significantly boosting volume -
* May/July spread closed at 1.15 cents, from 1 cent on
* 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.
* 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 -
* "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 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.
For related news and prices, click on the codes in brackets:
Sugar futures/spreads Sugar cash prices
Coffee futures/spreads Coffee cash prices
Cocoa futures/spreads Cocoa cash prices
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(Reporting by Marcy Nicholson and Rene Pastor;editing by Sofina