2023-09-16 00:25:46
© Reuters. Sugarcane harvest in Pakchong district, Ratchaburi province, Thailand 03/22/2016 REUTERS/Jorge Silva
NEW YORK (Reuters) – ICE crude futures rose to a 12-year high on Friday before closing slightly lower as dry weather linked to El Niño looked set to lead to a global oil deficit. 2023/24 season. Arabica rose 3.4%.
SUGAR
* The October raw sugar contract fell 0.07 cents, or 0.3%, to 26.91 cents per pound, after touching a 12-year high of 27.59 cents. The contract gained 2.3% for the week.
* Concern that drier than normal weather associated with El Niño could reduce production in India and Thailand continued to be a key supporting factor.
* There is more than a 95% chance that El Niño conditions will continue through the Northern Hemisphere winter.
* Drought conditions are forecast for the next 10 days in central-southern Brazil, boosting harvesting operations.
* October white sugar fell $9.10, or 1.2%, to $748.30 per ton.
CAFÉ
* The December Arabica coffee contract rose 5.15 cents, or 3.3%, to $1.5915 per pound and gained 7% for the week.
* November coffee rose $61, or 2.4%, to $2,556 a ton.
(Reporting by Marcelo Teixeira and Nigel Hunt)
((Rio de Janeiro Editorial Translation)) REUTERS MN AC
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