Revisions, price updates
LONDON, May 26 (Reuters) – ICE raw sugar and arabica coffee futures rose on Friday as markets consolidated after hitting lows of more than a month in the previous session.
SUGAR
* July raw sugar SBc1 rose 0.8% to 25.02 cents a pound at 1323 GMT, hitting 24.61 cents on Thursday, its lowest level since late April.
* India According to the State Meteorological Service, 2023 is expected to have a normal amount of monsoon rain despite the likely occurrence of the El Niño weather phenomenon.
* Normal summer rains could allow the world’s second-largest sugar producer to lift export restrictions on the sweetener.
* Meanwhile, industry data show sugar production in the mid-south region of Brazil, the largest producer country, rose 50% year-on-year in the first half of May.
* August white sugar LSUc1 rose 0.3% to $700 a ton.
COFFEE
* Arabica coffee in July KCc1 was up 0.4% to $1.8140 a pound, hitting previously Thursday’s 1.5-month low of $1.7955.
* A Brazil-based trader said prices in the physical spot market are “completely under pressure, with more sellers than buyers.”
* Top producer BrazilThe 2023/24 Arabica coffee harvest will total 800,000 bags more than originally expected (34.87 million bags), broker Pine Agronegocios said.
* However, the broker, which released a report after its second harvest tour to Brazil’s coffee-growing regions, kept its forecast for Robusta coffee production steady at 20.29 million bags
* July Robusta coffee LRCc2 was up 1.2% to $2,537 a tonne after hitting a 15-year high of $2,675 on Tuesday.
* Farmers in top Robusta producers Vietnam expect production to fall by 10-15% in 2022/23, while exporters fear they may not have enough beans to supply in the second half of this year.
COCOA
* London cocoa in July LCCC1 up 0.1% to 2,368 pounds per tonne.
* According to research firm BMI, a unit of Fitch Solutions, the impending El Niño weather phenomenon is expected to result in below-average rainfall in West Africa and affect cocoa supplies.
* On the other hand, cocoa prices have recently fallen, the company said, and ICE-monitored cocoa inventories in US and European port warehouses have recently risen.
* July New York cocoa CCc1 rose 0.2% to $3,023 per tonne.
(Reporting by Maytaal Angel, editing by Louise Heavens and Mark Potter)
((maytaal.angel@thomsonreuters.com(00442075429105)(Reuters Messaging: maytaal.angel.thomsonreuters.com@reuters.net) ))
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