Arabica coffee futures trading on ICE Futures US were little changed in early trade Tuesday amid light long-liquidation with roasters buying the dips, while US cocoa futures continued downward. ICE May coffee down 0.35 cent at $1.2705 per lb at 9:32 am EDT (1332 GMT). Narrow range was $1.2685 to $1.284. Back of board down 0.35 cent to up 0.30 cent.
Roasters seen buying on the way down, preventing deeper losses, traders said. Top producer Brazil will have mostly dry weather with the chance of a few light showers through Wednesday with thunderstorms Thursday and Friday according to DTN Meteorlogix.
Benchmark May contract $37 lower at $2,284 per tonne by 9:34 am, in a range from $2,270 to $2,330. One contract aside, the rest were down $34 to $55. In the West African cocoa belt, scattered showers and thundershowers mainly in the south, with 0.1 to 0.5 inch of rain forecast Tuesday with similar conditions Wednesday, DTN Meteorlogix revealed.
Cocoa arrivals at top producer Ivory Coast's ports totalled almost 1.05 million tonnes during the October 1 to March 31 main crop, up 16 percent on the 2006/07 main crop, exporters in the world's top grower estimated on Tuesday.
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