Coffee steadies after hitting multi-year highs, cocoa slides
LONDON, Sept 17 (Reuters) -Coffee futures steadied on Tuesday as the market consolidated after scaling fresh multi-year peaks in the prior session, while cocoa futures slid.
COFFEE
* December arabica coffee KCc2 rose 0.1% to $2.5885 per lb at 1242 GMT, after touching its highest since 2011 at $2.7180 on Monday.
* Dealers said concerns are growing in top producer Brazil that the hot, dry spell might continue, further damaging the flowers, stressing the crop and leading to lower output next season.
* They added, however, that arabica is capped short term above $2.75-$2.80, and that it will consolidate at lower levels once reaching that peak.
* LSEG analysts expect dryness to continue across central and central-south Brazil until the end of September.
* November robusta coffee LRCc2 fell 1% to $5,198 a metric ton, having peaked at $5,486, its highest in nearly half a decade.
* Dealers said local Brazilian robusta prices are rising each day, trading at levels close to fine cup arabicas as traders and exporters struggle to secure supply.
COCOA
* December New York cocoa CCc1 fell 3.7% to $7,488 a ton.
* The global cocoa market is in its third year of deficit, while the global cocoa stocks-to-grinding ratio has dropped to its lowest in almost 50 years. However, production could recover next season and this is keeping cocoa's gains in check.
* No. 2 cocoa producer Ghana lost 160,000 tons, or more than a third of its 2023/24 cocoa output, to smuggling, cocoa regulator Cocobod told Reuters, as low local prices and payment delays push some farmers to sell to trafficking rings.
* March London cocoa LCCc2 fell 3.7% to 4,508 a metric ton.
SUGAR
* October raw sugar SBc1 rose 0.7% to 19.32 cents per lb.
* Raging fires have burned 10% of Brazilian sugar cane fields belonging to French cooperative Tereos, a senior executive said.
* Germany's Suedzucker SZUG.DE has cut its earnings forecast, pointing to the improved harvest expectations in the European Union.
* The French farm ministry estimates that 2024 sugar beet production will come in at 34.38 million tons vs 31.73 million in 2023.
* October white sugar LSUc1 rose 0.8% at $527.30 a ton.
Reporting by Maytaal Angel; Editing by Janane Venkatraman
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