Cocoa weakens on prospects for better Ivory Coast supplies, sugar rallies
LONDON, Oct 23 (Reuters) -Cocoa futures on ICE fell on Wednesday amid renewed focus on prospects for improved supplies from top grower Ivory Coast, while sugar prices rallied.
COCOA
* March London cocoa LCCc2 fell 1% to 4,886 pounds a metric ton at 1240 GMT, having closed down 2.5% on Tuesday.
* Ivory Coast's cocoa regulator expects the main crop to increase by around 10% in the 2024/25 season, its senior executive said, adding that caution remains due to heavy rains.
* Exporters have estimated that the previous 2023/24 main crop came in at around 1.3 million metric tons, compared with the usual average of 1.7 million tons in recent years.
* Cocoa remains underpinned by tight overall supplies following three consecutive deficit seasons.
* Analyst BMI has forecast another global deficit in the current 2024/25 season, albeit a small 30,000 tons.
* December New York cocoa CCc1 fell 2.2% to $6,987 a ton.
COFFEE
* January robusta coffee LRCc2 fell 0.6% to $4,400 a ton, having hit its lowest in more than two months at $4,366.
* Demand for coffee shipments from top producer Vietnam is weak at present because many traders have secured coffee from other origins, especially as the EU's deforestation regulation was slated to come into effect at end-2024.
* The regulation is now widely expected to be put back after a postponement request by the European Commission.
* December arabica coffee KCc1 fell 0.2% to $2.4945 per lb.
* Coffee giant Starbucks SBUX.O reported preliminary Q4 results, saying same-store sales, net revenue, and profit declined, weighed down by weak demand in the U.S.
SUGAR
* March raw sugar SBc1 rallied 2.5% to 22.27 cents per lb, having hit a one-month low of 21.55 cents on Tuesday.
* Dealers said the market was readjusting, after rains returned to top grower Brazil, easing supply concerns.
* December white sugar LSUc1 rose 2% at $572.90 a ton.
Reporting by Maytaal Angel;Editing by Elaine Hardcastle
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