SOFTS-Arabica coffee sets 3-1/2-month high, NY cocoa gains 3%
NEW YORK, Aug 25 (Reuters) - Arabica coffee futures hit a 3-1/2-month high on Monday as certified stocks at ICE exchange fell and this year's Brazilian crop looked smaller than initially expected.
There was no trading for robusta coffee, white sugar and London cocoa due to a banking holiday in the UK on Monday.
COFFEE
* Arabica coffee futures KCc2 were little changed at $3.7775 per lb after earlier hitting $3.8710, the highest since May 12.
* The market has been supported by a drop in certified exchange stocks as roasters, especially in the United States, look for alternative sources of supply after the U.S. government taxed imports of Brazilian coffee by 50%.
* ICE arabica certified stocks fell below the 730,000-bag level on Friday, hovering around the lowest in more than a year, with only 11,000 bags awaiting evaluation to enter the exchange.
* Dealers also noted diminishing expectations for the Brazilian crop.
* "Prices are climbing as market players realize the Brazil crop is smaller than expected," said broker Carvalhaes in a note.
* Broker StoneX cut its estimate for the Brazilian arabica crop on Monday.
COCOA
* New York cocoa CCc2 settled up $243, or 3.1%, to $8,024 a metric ton, posting a partial recovery after falling 6% last week.
* Cocoa arrivals at ports in top grower Ivory Coast had reached 1.663 million tons by August 24 since the start of the season on October 1, 2024, down 1.9% from the same period last season, exporters estimated on Monday.
* Major cocoa trader Touton SA said on Monday it was in exclusive talks to be sold to commodity and energy trader Hartree Partners.
SUGAR
* Raw sugar SBc1 settled down 0.08 cent, or 0.5%, at 16.40 cents per lb.
* Dealers said the market remains locked at a short trading interval as expectations for a good crop in Asia put a lid on any upward movement.
* Brazil crop areas are pretty dry and there are reports of fires at cane fields, in a similar way to what happened last year at this time.
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