The futures contracts sugar gross on ICE closed higher on Wednesday, supported by interruptions in the sugarcane harvest in the south-central part of the Brazil caused by recent rains, while arabica coffee prices have declined.
Sugar
March raw sugar advanced 0.09 cents, or 0.5%, to 19.48 cents a pound.
Most mills in Brazil’s main sugarcane region in south-central Brazil are shutting down cane crushing for the season, leaving millions of tonnes of cane in the fields to be harvested next year as rains make harvesting operations difficult and inefficient.
Traders said that, despite the problems of the current crop, the rains in Brazil will be beneficial for next year’s crop.
White sugar for March rose $2.20, or 0.4%, to $537.10 a tonne.
Coffee
O coffee March arabica fell 3.3 cents, or 2.0%, to settle at $1.602 a pound.
Traders say the continued rise in stocks of arabica coffee on the exchange remains a bearish influence.
January Robusta coffee rose $2, or 0.1%, to $1,918 a tonne.
The market was closely watching the progress of the harvest in main Robusta producer Vietnam, with the rains leading to some quality concerns.
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
