coffee, Sugar futures prices march 1 2011

coffee, Sugar futures prices march 1 2011 : Sugar futures prices fell after Monday's expiry of the March contract on ICE. Senior sugar sources said Cargill was the sole receiver of 17,804 lots (890,200 tons). Such a tonnage would be in line with market expectations of deliveries between 500,000 and 1.0 million tonnes.

ICE May raws were down 0.29 cent or 1 percent to 29.16 cents a lb at 1714 GMT. Sugar prices have fallen by around 20 percent since hitting a 30-year high of 36.08 cents a lb on Feb. 2.

"I would hope that, with the market pulling back, this will stimulate physical off-take," said Toby Cohen, a director of London-based trade house Czarnikow.

Czarnikow on Tuesday revised up its forecast for the 2010/11 global sugar deficit to 3.7 million tonnes from its previous forecast of a deficit of 2.8 million tonnes due to adverse weather in key producing countries.

May white sugar futures on Liffe fell $10.40 or 1.4 percent to $733.40 a tonne in thin volume of 2,659 lots.

Coffee prices reversed earlier gains and were underpinned by tight supplies of high-quality Colombian arabica beans. May arabica coffee on ICE fell 1.90 cents or 0.7 percent to $2.6980 per lb.

The contract peaked at $2.7840 per lb on Feb. 22, the highest level for the benchmark second month since 1977. May robusta coffee futures on Liffe fell $9 or 0.4 percent to $2,375 a tonne. For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post: