Brazil’s raw sugar hits 2-week low on ICE, Arabica coffee rebounds

RIO DE JANEIRO, BRAZIL – Raw sugar for March delivery closed down 0.22 cents, or 1.2%, at 17.86 cents a pound after hitting a two-week low of 18.09 cents.

Traders said the rains forecast for the weekend in south-central Brazil may help improve soil moisture levels and the outlook for this year’s cane crop.

An improving outlook for production in India also contributed to recent market weakness.

White sugar for March delivery was down US$4.50, or 0.9%, at US$495.20 a ton.

COFFEE

Arabica coffee for March closed up 3.85 cents, or 1.7%, at US$2.359 a pound. The market took a slight weekly loss of 0.65%.

Traders said the focus remains on the outlook for this year’s crop in Brazil and the extent to which last year’s frosts and drought may reduce production.

Trader Comexim expects Brazil to produce 63.2 million bags of coffee in the 2022/23 crop, up 16.6% from the previous crop, as coffee trees show relative recovery due to better crop care and good weather.

Robusta coffee for March closed up US$2, or 0.1%, at US$2,193 a ton.

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