US cocoa and arabica coffee futures moved higher in early trade on Wednesday, in thin volume on the last trading day of 2008, traders said. ICE Futures US agricultural products will trade in regular hours Wednesday, close Thursday for New Year's Day and reopen for regular trade Friday.
Arabica coffee for March delivery was up 1.50 cents at $1.0905 per lb by 9:02 am EST (1402 GMT). Trading band from $1.0725 to $1.0975. March volume at a light 1,372 lots. Benchmark March cocoa was up $43 at $2,572 per tonne by 9:04am, with volume at 1,428 lots. Session ranged from $2,540 to $2,609. The rest was up from $14 to $43.
Market partially retraced losses from the past two days, with a boost from the pound that strengthened against the US dollar, traders said. Dry conditions in West Africa with the chance of some light showers along the coast on Wednesday and in the south Thursday. Similar conditions seen Friday through Sunday, DTN Meteorlogix reported. Total volume Tuesday reached 6,638 lots, exchange data revealed.
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