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New York / London, September 23 (Reuters) – ICE Sugar, Coffee and Cocoa futures closed higher on Friday Concerns about the global economic downturn Against the background of rising interest rates.
*Raw October sugar SBc1 It settled down 0.21 cents, or 1.1%, at 18.28 cents a pound.
* Traders said the market received some support from short-term tight supply in both raw and white sugar although it is still generally expected that there will be a global surplus in the 2022/23 season.
“With the outlook for the global economy continuing to weaken and expectations of monetary policy tightening continuing to increase the outlook for sugar prices remains bleak, with more sugar shifting toward sweetening rather than ethanol production,” Fitch Solutions said in a note.
*December white sugar LSUc1$4.20 or 0.8% at $532.70 per ton.
* US judge on Friday Judgment in favor of the American Sugar Company Planning to buy Imperial Sugar Co.
* Arabica coffee December KCc1It fell 3.1 cents, or 1.4%, at $2.2045 per pound.
* Traders said rain in Brazil and the possibility of more rain over the next two weeks improved forecasts for next year’s crop in the world’s largest producer.
* “The moisture supply will be completely replenished in most parts of Brazil, which will help the flowering,” the Maxar meteorological service said in a report.
* The Brazilian government recognized that Estimated coffee yields Over recent years it has had problems and needs improvements.
*Ben Robusta November LRCc2 Drops $6, or 0.3%, at $2,232 per ton.
* December New York Cocoa CCc1It fell $74, or 3.2 percent, to $2,247 a ton.
* “Peak Trading Research said in a note that index funds — the whales in agriculture futures — are getting nervous,” saying these funds are dumping long positions as inflation expectations drop amid rising interest rates.
* Cocoa London December LCCC1And 4 pounds fell 0.2% to 1857 pounds per ton.
(Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Kirsten Donovan, Paul Simao, and David Gregorio)
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