Raw sugar drops on improving Asia crops outlook, coffee rises
Updates with closing prices, changes dateline to NEW YORK from LONDON
NEW YORK, Aug 15 (Reuters) -Raw sugar futures fell on Thursday, slipping backtowards a near-two year low set earlier this month, while coffee prices rose for the second consecutive session.
SUGAR
* October raw sugar SBc1 settled down 0.5% at 17.88 cents per lb. The front month had set a near two-year low of 17.64 cents earlier this month.
* Dealers said the outlook for cane crops in India had been boosted by comparatively strong monsoon rains, while prospects in Thailand had also been improving.
* In the key centre-south region of Brazil, however, yields in the current harvest have been declining and look set to fall further in coming weeks.
* October white sugar LSUc1 settled down 0.4% at $513.30 a metric ton.
* Ukraine's 2024 sugar beet harvest may fall to 10 million metric tons from around 12 million in 2023, agriculture consultancy APK-Inform said on Thursday, citing state weather forecasters.
COFFEE
* November robusta coffee LRCc2 rose 2.0% to $4,378 a ton, adding to the previous session's 2.5% gains.
* Dealers said exports from top robusta producer Vietnam remained well below last season's pace and there was unlikely to be a significant pick up until the new season which officially started in October, although beans don't normally arrive in bulk until November.
* The impact has, however, been partially offset by a rise in robusta exports from Brazil.
* December arabica coffee KCc2 rose 1.4% to $2.3805 per lb.
COCOA
* December New York cocoa CCc2 fell 0.3% to $6,948 a ton, after rising nearly 3.6% intraday.
* Dealers noted crop disease and illegal mining remain major concerns in Ghana, limiting the scope for any recovery in production in the upcoming 2024/25 season.
* December London cocoa LCCc2 fell 0.8% to 5,320 pounds per ton.
Reporting by Nigel Hunt, additional reporting by Shariq Khan; Editing by David Holmes, Shounak Dasgupta and Mohammed Safi Shamsi
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