Sunday, 19 May 2019 22:10

Analysts See Instability in Food Markets

Written by PL
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Analysts See Instability in Food Markets Photo: Taken from PL

Food markets showed recent data that generate concern among economists, especially in view of an uncertain immediate future in these commodities.

 

Brussels.- For example, unrefined sugar futures fell the week that ended in the ICE market to their lowest level in seven and a half months.

This was due to the collapse of Brazil's currency, its largest producer, and to the fact that Sugar Week in New York ended without generating much bullish sentiment in the market, traders said.

Brazil's real lost beyond 4.10 units per dollar for the first time in eight months, accelerating its decline in the face of investors' growing concerns about the economy and the government's ability to achieve its reform agenda.

On that line, unrefined sugar for July fell 0.23 cents, or two percent, to 11.55 cents per pound, after falling back to 11.43 cents, lowest since Oct. 1. During the week, the contract fell 1.5 percent, its fourth consecutive week in negative territory.

Regarding coffee, Arabica futures for July fell 2.65 cents, or 2.9 percent, to 89 cents per pound, after touching a one-week flat of 88.45 cents. The contract fell almost two percent, its seventh drop in 10 weeks.

The robusta for July dropped 34 dollars, or 2.6 percent, to 1.301 dollars per ton, after declining to 1.292 dollars. In the week it sank 4.6 percent, its eighth week with a negative performance of 10.

For its part, cocoa for July in New York fell $19, or 0.8 percent, to 2.353 dollars per ton, but closed the week with a rise of one percent. Cocoa for July in London fell 14 pounds, or 0.8 percent, to 1.729 pounds per ton. (PL)

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