<\/p>\n
Cocoa futures on the ICE exchange tumbled to two-year lows on Tuesday on talk that excess beans were piling up at\u00a0port<\/span>s in top grower Ivory Coast.<\/p>\n COCOA<\/p>\n * London cocoa closed the session down 8.3% at 3,347 pounds per metric ton after earlier hitting 3,315 pounds per ton, its lowest level since January 2024.<\/p>\n * Ivory Coast’s agriculture ministry told Reuters earlier that the country’s cocoa regulator will buy 100,000 metric tons of surplus cocoa.<\/p>\n * The surplus came about because the cocoa regulator had set this season’s farmgate price at a high level, spurring an influx of beans from Ghana, Liberia and Guinea.<\/p>\n * Dealers, for their part, cited talk that the excess beans were piling up at\u00a0port<\/span>s because of a lack of government-issued export\u00a0<\/span>licences and thanks to enthusiastic selling by farmers keen to take advantage of the farmgate price.<\/p>\n * Industry newsletter CocoaRadar said Ivorian farmer groups are meanwhile accusing multinationals of deliberately slowing their cocoa purchases in a bid to force a reduction in the farmgate price.<\/p>\n * In weather news, Ivorian cocoa farmers said on Monday below-average rains combined with sunny intervals last week had been beneficial for the upcoming April-to-September mid-crop.<\/p>\n * New York cocoa closed down 8.4% at $4,648 a ton, having earlier hit a two-year low of $4,612.<\/p>\n COFFEE<\/p>\n * Arabica coffee ended the session down 2.5% at $3.465 per lb, its lowest level since Dec. 24 last year.<\/p>\n * Dealers said estimates for top grower\u00a0Brazil’s\u00a026\/27 crop remain broadly unchanged between 70-80 million bags and that weather conditions remain generally favourable.<\/p>\n * Robusta coffee fell 1.9% to close at $3,941 per ton.<\/p>\n SUGAR<\/p>\n * Raw sugar settled down 1.6% to 14.72 cents per lb, having hit its lowest in nearly a month last week.<\/p>\n * Dealers said sugar has a\u00a0near-term\u00a0positive bias because technical spreads are firmed up and this might cool farmer interest in selling at current price levels.<\/p>\n * White sugar closed down 1.2% at $422.50 a ton.<\/p>\n (Reuters)<\/p>\n<\/p><\/div>\n maritime professional<\/p>\n","protected":false},"excerpt":{"rendered":" Cocoa futures on the ICE exchange tumbled to two-year lows on Tuesday on talk that excess beans were piling up at\u00a0ports in top grower Ivory Coast. COCOA * London cocoa closed the session down 8.3% at 3,347 pounds per metric ton after earlier hitting 3,315 pounds per ton, its lowest level since January 2024. * …<\/p>\n","protected":false},"author":1,"featured_media":74529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[],"class_list":["post-74528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/74528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=74528"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/74528\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/74529"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=74528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=74528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=74528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}