Boutique coffee bean futures Arabica coffee futures decline due to extension
Raw sugar futures fell on Friday as Arabica coffee fell before markets closed in the United States and Brazil on expectations of precipitation in Brazil, the largest grower, with a large number of March / May contract extensions.
Arabica coffee futures rose for a third day to a two-month high as Vietnam, the largest grower, ushered in a holiday. Cocoa futures rose to their highest level in more than three weeks, buoyed by supply concerns in Ghana.
Monday is the US President's Day holiday, Brazil will hold a carnival, the US soft commodity market will be closed for a day.
ICE- March raw sugar futures closed down 16 cents, or 1.1%, at 14.88 cents a pound, down from a two-week high of 15.05 cents hit on Thursday.
March sugar futures fell 60 cents, or 0.2 percent, to close at $382.80 a ton.
March Arabica coffee futures closed down 0.95 cents, or 0.6%, at $1.665 a pound.
Traders said there was a large number of March / May contract extensions ahead of the first delivery notice date for near-month contracts on February 19, resulting in more than half more trading volumes than usual.
The contract discount widened to about 3.3 cents in recent months, the widest level since December 9.
May Robusta coffee futures closed up $16, or 0.8%, at $2036 a tonne, after rising to $2042, the highest since Dec. 8.
New York may cocoa futures closed up $12, or 0.4%, at $2931 a tonne, after hitting $2933, the highest since Jan. 20. May London cocoa futures closed up 2 pounds, or 0.1%, at 1989 pounds a tonne.
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