SOFTS-Cocoa falls to near two-year low, arabica coffee rises

NEW YORK, Nov 24 (Reuters) - London cocoa futures fell to the lowest level in nearly two years on Monday, while arabica coffee and raw sugar prices closed slightly higher.

COCOA

London cocoa LCCc2 ​settled down 53 pounds, or 1.4%, to 3,826 pounds per metric ton, after slumping to a low of 3,773 pounds, its weakest since January 2024.

Dealers said removal of tariffs on many agricultural products by U.S. President Donald Trump earlier this month and deforestation legislation in the European Union potentially not coming into force until December 2026 had put downward pressure on prices.

Port arrivals in top producer Ivory Coast are also picking up after a slow start to the season, they said.

Above-average rainfall in most of Ivory Coast's main cocoa-growing regions last week is expected to support the development of the October-to-March main crop, which farmers believe will remain healthy at least through January.

Speculators in London cocoa increased a net short position by 3,737 lots to 22,748 lots in the week to November 18, exchange data showed.

New York cocoa CCc2 rose 0.6% to $5,190 a ton, having ealier hit a 21-month low of $5,020.

COFFEE

Arabica coffee KCc2 settled up 7.1 cents, or 1.9%, at $3.7655 per lb, with the market stabilising after falling sharply on Friday.

Prices fell to a two-month low on Friday after Trump removed 40% tariffs on imports of many Brazilian agricultural products, including green coffee beans.

Brazilian dealers said, however, farmers are looking for better prices to sell their beans, while stocks in consuming countries remain historically low.

Robusta coffee LRCc2 fell 1.2% to $4,453 a ton.

Dealers said rains were easing in top robusta producer Vietnam and some rivers were receding but both the drying and movement of newly harvested beans remained challenging and there are also quality concerns.

SUGAR

Raw sugar SBc1 settled up 0.04 cents, or 0.3%, at 14.82 cents per lb.

Analysts Green Pool said mills in top grower Brazil are ending the harvest earlier than normal and ethanol stocks are 20% lower than at this time last year, giving support to both sugar and ethanol prices.

White sugar LSUc1 rose 0.2% to $424.90 a ton.