NEW YORK/LONDON: Arabica coffee futures on ICE fell on Wednesday as exchange stocks continued to climb and despite downward revisions to Brazil's next crop, while sugar and cocoa prices were also lower.
* March arabica coffee settled down 1.95 cents, or 1.2%, at $1.6275 per lb although the market remained well above last week's 16-month low of $1.5405.
* ICE certified coffee stocks rose to 550,749 bags on Nov. 23, well above a 23-year low of 382,695 bags set on Nov. 3. There were 521,382 bags pending grading to be added to stocks.
* Dealers said the market was underpinned, however, by reports that Brazil's crop next year may be smaller than previously expected.
* They also noted the U.S. Department of Agriculture had downgraded 2022/23 (July/June) production outlooks for both Brazil and Colombia.
* January robusta coffee fell $20, or 1.1%, at $1,814 a tonne.
* March raw sugar settled down 0.19 cent, or 1.0%, at 19.55 cents per lb, weighed down partly by lower energy prices.
* Commonwealth Bank of Australia analyst Tobin Gorey noted the outlook for cane crushing in Thailand had been downgraded.
* "Wet conditions, and earlier flooding, have had an impact. So crushing will now start later than expected in early December. And, we suspect, sugar recoveries will also be down," he said in a note.
* Brazil's industry group Unica will release production number for the 1st half of Nov. on Thursday.
* March white sugar fell $2.30, or 0.4%, at $535.00 a tonne.
* India is likely to allow a further 2-4 million tonnes of sugar exports in the 2022/23 season, a move which would leave total exports at 8-10 million tonnes and below last year's level.
* March London cocoa settled down 19 pounds, or 1.0%, to 1,946 pounds per tonne, partly owing to the strength of the sterling.
* Dealers said price charts were also looking more bearish after the market's recent decline.
* "The (technical) indicators point to further downside momentum in the near term," Sucden Financial said in a note.
* March New York cocoa fell $11, or 0.4%, to $2,444 a tonne. (Reporting by Marcelo Teixeira and Nigel Hunt; editing by Jason Neely and Krishna Chandra Eluri)