SOFTS Coffee slips after fresh 10-year peak; cocoa at 2-year high

2 minute read
Register now for FREE unlimited access to

NEW YORK/LONDON, Feb 10 (Reuters) - Arabica coffee prices on ICE slipped on Thursday after touching fresh 10-year highs in the session, as exchange-certified stocks touched new 20-year lows and were set to fall below the key 1-million-bags mark.

Cocoa futures hit the highest price in two years.


* May arabica coffee fell 3.2 cents, or 1.2%, to $2.5525 per lb after hitting $2.6045, its highest since September 2011.

Register now for FREE unlimited access to

* Arabica prices will end the year 5% below current levels as the market moves into balance next season from the current wide deficit that has pushed prices to 10-year highs, a Reuters poll of 10 traders and analysts showed.

* Certified ICE arabica stocks fell to fresh 20-year lows of 1.03 million bags on Thursday, down sharply from 1.54 million bags at the end of 2021.

* Coffee farmers in Brazil had sold 86% of the 2021/22 crop by Feb. 8, outpacing the historical average of about 80%, consultancy Safras & Mercado said.

* May robusta coffee rose $4, or 0.2%, at $2,263 a tonne.

* Top producer Vietnam exported 163,324 tonnes of coffee in January, down 3.6% from December.


* March raw sugar fell 0.18 cent, or 1.0%, to 18.30 cents per lb, under pressure from renewed inflation worries that boosted the dollar.

* A strong dollar makes dollar-priced assets like sugar costlier for non-U.S. investors.

* Dealers noted Indian sugar exports are ticking up and that with a small surplus seen for 2022/23, the upside is likely limited at the moment.

* France's farm ministry said it sees the area sown with sugar beet for the 2022 harvest as stable to down 3%.

* March white sugar , which expires on Friday, rose $7.20, or 1.4%, to $510.40 a tonne.


* May New York cocoa rose $32, or 1.1%, to $2,833 a tonne, having hit its highest in two years at $2,838.

* May London cocoa gained 9 pounds, or 0.5%, at 1,857 pounds per tonne​​, having hit its highest in nearly four months at 1,859.

* "Some producers in West Africa are worried about the dry weather that has been noted for the last couple of weeks. And ideas are that demand will continue to improve," said analyst Jack Scoville from The Price Futures Group.

Register now for FREE unlimited access to
Editing by Richard Chang

Our Standards: The Thomson Reuters Trust Principles.