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SOFTS-Robusta Coffee Prices Slide, Raw Sugar Rebounds

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Update prices

LONDON, December 29 (Reuters)Robusta coffee futures on ICE fall on Thursday, under pressure partially by an expected recovery in grower sales in the coming weeks, while raw sugar prices have regained ground after falling earlier this week.

COFFEE

* March robusta coffee LRCc2 fell 1.9% to $1,833 a ton per 1449 GMT.

* Rated dealers one expected recovery of farmers’ sales first producer of robusta Vietnamwhere the harvest entered its final phase, helped to contain prices.

* “Farmers have harvested about 85% of the 2022-23 crop, and they should increase sales over the next few weeks to have cash for the upcoming Lunar New Year holiday,” said a trader based in the Dak Lak province.

* The Lunar New Year holiday, also known as Tet, is January 22, 2023.

* Vietnam Coffee Exports are expected to have increased by 10.1% in 2022 compared to the previous year to reach 1.72 million tonnes, or 28.7 million 60 kg bags, the General Statistics Office announced on Thursday.

* Arabica coffee from March KCc1 fell 1.8% to $1.7045 per pound, pulling back from the previous session’s seven-week high of $1.7495.

* Rated dealers ICE Certified Coffee Stocks stood at 797,775 bags, as of December 28, the highest level for more than five months. There were 257,153 bags awaiting classification.

SUGAR

* March raw sugar SBc1 pink 1.2% to 20.40 cents per pound.

* Dealers noted the market fell sharply after hitting a nearly six-year high of 21.18 cents last week, but trade buying around 20.10-20.20 cents helped halt the decline .

* The market also continued to be supported by tight supply, which is expected to persist through the first quarter of 2023, and concerns over low yields in India’s main sugar-producing state of Maharashtra.

* March white sugar LSUc1 pink 1.6% to $564.60 a ton.

COCOA

* Cocoa March in London LCCc1 fell 1.7% to 2,037 pounds per ton.

* New York Cocoa Mars CCc1 fell 1.95%or $2,570 a ton.

(Reporting by Nigel Hunt; Editing by Angus MacSwan and Devika Syamnath)

((nigel.hunt@thomsonreuters.com; +44 (0) 7990 561421; Reuters Messaging: nigel.hunt.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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