Raw sugar falls nearly 4% to hit one-month low, arabica coffee down 2.8%

By Reuters News20 hours ago Updated

NEW YORK, Nov 3 (Reuters) - Raw sugar futures on ICE fell nearly 4% on Tuesday to hit a one-month low, extending recent losses as funds scaled back long positions, while arabica coffee futures also plunged.

SUGAR

* Raw sugar settled down 0.73 cent, or 3.8%, at 18.33 cents per lb after setting a one-month low of 18.31 cents.

* Dealers said the market was extending a downward trend initially triggered by the result of Brazil's election, which led to a sharp decline in the country's currency and a pickup in hedge selling by Brazilian mills.

* "Big drop on the open with 13,000 lots of largely spec selling hitting the market and taking it to 18.60 within 12 minutes," said sugar market analyst Michael McDougall, adding that more sell stops were triggered as the market sank.

* The strong pace of sugar production in India during October has also contributed to recent weakness in prices.

* White sugar fell 1.8% to $500.20 a metric ton.

* Associated British Foods on Tuesday forecast another year of lower profit after reporting a 14% fall in earnings for 2025/26, pressured by deepening losses in its sugar business.

COCOA

* London cocoa settled down £31, or 0.7%, at £4,192 per ton after touching a one-month low of £4,157.

* Dealers noted the potential for a recovery in Ghana's cocoa production later this season while there also remain some concerns about weak demand.

* New York cocoa fell 0.4% to $5,414 a ton, having hit a one-month low at $5,343.

COFFEE

* ICE arabica coffee settled down 8.15 cents, or 2.8%, at $2.8395 per lb.

* "In an oversupplied market with Brazilian farmers facing a record 26/27 crop, it shouldn't be surprising to see currency fluctuations opening up selling opportunities that feed into the futures market," said Ilya Byzov, quantitative trader at Sucafina.

* Brazil's currency on Tuesday hit the second weakest value against the dollar since the election result on October 25.

* Dealers said, however, that the market could find some support from low exchange stocks.

* ICE arabica certified stocks stood at 220,379 bags on Tuesday, down from 225,610 bags a week ago. At the same time last year stocks stood at 431,481 bags.

* Robusta coffee lost 1% to $3,210 a ton.

* Vietnam exported 1.569 million metric tons of coffee in the first 10 months of 2026, up 18.8% from the same period a year earlier, government data showed on Tuesday.