March raw sugar was flat at 12.88 cents per lb by 1433 GMT after peaking at 12.93 cents, its highest since August 12. Analyst Green Pool raised its forecast for a global sugar deficit in the 2019-20 season to 5.17 million tonnes, raw value, from a previous projection of 3.67 million. Brazil, a top sugar producer, exported 1.55 million tonnes of raw sugar in September down from 2.25 million tonnes a year ago, data showed.
Also underpinning sugar prices, only 175,000 tonnes of raw sugar were delivered against the October contract, which expired on Monday, far below the more than 2 million delivered at the previous expiry. December white sugar was down $2.1, or 0.6%, at $341.90 a tonne after peaking at $347.20 on Monday, the highest since early March. December New York cocoa was up $24, or 1%, at $2,478 a tonne.
Top producer Ivory Coast said on Tuesday it would cap cocoa production at 2 million tonnes from the 2020-21 season to prevent prices from falling. March London cocoa was up 18 pounds, or 1%, at 1,892 pounds a tonne. December arabica coffee fell 0.4 cents, or 0.4%, to $1.0100 per lb. November robusta coffee was flat at $1,311 a tonne. Top coffee producer Brazil exported 2.69 million 60-kg bags in September down from 2.99 million bags a year ago. Coffee exports from Honduras, Central America's top producer, dropped 5.5% during the 2018-19 harvesting season and are likely to keep falling in the new season.