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Contents
Softs
Sugar, Cocoa & Coffee
33
At USD 547/MT, the ICE London price fell by USD 3.2/MT (-0.6%) m-o-m in August 2022, while the ICE NY
price contracted by USc 0.3/Ib (-1.5%) m-o-m and by USc 1.3/Ib (-6.7%) y-o-y. The dip in the respective prices
was attributed to improved supply outlooks for key exporters Brazil and India, against subdued demand
expectations. However, the monthly average price for August 2022 at London increased substantially, by USD
70.8/MT (+14.9%) y-o-y, underpinned by exceptionally prolonged dry conditions across Europe this summer,
leading to fears of smaller beet yields and subdued production.
At GBP 1,752/MT, the average cocoa bean price at the ICE London increased by GBP 33.3/MT (+1.9%) m-o-m
in August 2022, while the NY benchmark increased by USD 60.0Mt (+2.6%) over the same period. Supply
concerns regarding a lack of fertiliser for farmers in Cote d'Ivoire and Ghana, respectively the world's top two
producers, have been price supportive. The London benchmark increased by GBP 53.5/MT (+3.2%) y-o-y in
August on stronger cost and consumption fundamentals, whereas the NY price fell by USD 161.0/MT (-6.4%)
over the same period, reflecting comparatively weaker demand from cocoa grinders.
ICE NY sugar - USc/Ib; ICE London sugar - USD/MT
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
10
12
14
16
18
20
300
350
400
450
500
550
600
SUGN - Sugar #11 ICE NY (DH-0) (left axis) SGWL - Sugar white #5 ICE London (DH-0) (right axis)
ICE London cocoa bean - GBP/MT; ICE NY cocoa bean - USD/MT
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
1,550
1,650
1,750
1,850
1,950
2,050
2,000
2,200
2,400
2,600
2,800
COCL - Cocoa bean London ICE (DH-0) (left axis) COCN - Cocoa bean ICE NY (DH-0) (right axis)
ICE NY Coffee Arabica - USc/Ib
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
90
110
130
150
170
190
210
230
250
COFN - Coffee arabica ICE NY US (DH-0)
At USc 224.2/Ib, the ICE NY arabica benchmark price increased by USc 7.7Ib (+3.5%) m-o-m and by USc
42.3/Ib (+23.3%) y-o-y in August 2022, reversing the nine-month low reached the previous month. The price
gained support from supply concerns in Brazil (top producer), resulting from unseasonably dry weather across key
growing regions and potential yield losses for the 2022/23 crop. According to Brazil's top meteorological offices, La
Niña conditions are expected to prevail through the remainder of the 2022 calendar year, underlining further
drought potential. Colombia. the world's second-largest arabica producer, reported a 21% y-o-y drop in exports
during August 2022, stoking further bullish sentiment.
At USD 2,187/MT, the average monthly ICE European Robusta price increased by USD 217.9/MT (+11.1%) m-o
-m, and by USD 319.5/MT (+17.1%) y-o-y, in July 2022, to USD 1,977/MT. Robusta has also gained support
from global supply concerns, particularly from Vietnam, the world's top exporter. Vietnamese Customs reported
that its coffee exports fell by 1,367 tonnes (-1.2%) m-o-m in August 2022, to 112,531 tonnes. Numerous sources
report that Vietnam's coffee inventories are declining, and many traders expect domestic reserves will have halved
y-o-y by the end of Q3 2022.
ICE EU Coffee Robusta - USD/MT
Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22
1,150
1,350
1,550
1,750
1,950
2,150
2,350
2,550
COFL - Coffee robusta London ICE (DH-0)