Raw sugar surges amid weak Brazil production outlook, cocoa down
Adds comments, updates prices to settlement
NEW YORK, Oct 23 (Reuters) - Raw sugar futures on ICE closed sharply higher on Wednesday amid reports of reduced stocks and a weak production outlook for top exporter Brazil. Cocoa futures meanwhile fell on ideas of improved supplies from top grower Ivory Coast.
SUGAR
* March raw sugar SBc1 settled up 0.61 cent, or 2.8%, at 22.34 cents per lb, having hit a one-month low of 21.55 cents on Tuesday.
* Asian commodities trader Wilmar said on Wednesday that sugar stocks at top grower Brazil had been adjusted to the lowest on record before the current crop started, projecting a tight supply situation for the top exporter in the future.
* CovrigAnalytics projects a trade flow deficit of 1.3 million tons for raw sugar in the first quarter of 2025. Its first estimate for Brazil's Centre-South sugarcane production in 2025/26 is 585 million tons, from 605 million tons in 2024/25.
* December white sugar LSUc1 rose 1.8% at $571.10 a ton.
COCOA
* March London cocoa LCCc2 settled down 44 pounds, or 0.9%, to 4,893 pounds per ton, 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.
* December New York cocoa CCc1 fell 1.9% to $7,001 a ton.
COFFEE
* January robusta coffee LRCc2 settled up $18, or 0.4%, at $4,443 a ton, having earlier hit its lowest in more than two months at $4,366.
* Demand for coffee shipments from top producer Vietnam is currently weak because many traders have secured coffee from other origins, especially as the EU's deforestation regulation was slated to take 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 rose 1% to $2.5235 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.
Reporting by Maytaal Angel and Marcelo Teixeira; Editing by Elaine Hardcastle and Tasim Zahid
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