US cocoa futures surged nearly 4 percent to a two-month high early on Wednesday, while raw sugar and arabica coffee slipped. Arabica coffee inched lower in rangebound dealings. September arabicas fell 0.4 cents or 0.2 percent to $1.6525 per lb.
ICE certified arabica stocks dropped to 2,166,868 bags by July 13, down 500 bags the previous day with 1,300 bags pending grading in Antwerp, according to ICE data. Sugar softer as market stuck in a range, said brokers. ICE October raw sugar futures were down 0.21 cent or 1.2 percent at 16.96 cents a lb.
September cocoa surged to its highest since May 7 on a second-position continuation chart as the London July/September cocoa premium soared above 245 pounds. ICE September cocoa traded up $89 or 2.9 percent at $3,134 per tonne. Europe's cocoa grind rose 12.7 percent year-on-year in the second quarter of 2010, while Germany's rose 11.2 percent.
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