Coffee hits 14-month low amid upbeat supply outlook, demand woes

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(Updates with comments and closing prices)

NEW YORK/LONDON, Oct 26 (Reuters) –

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Arabica coffee futures on ICE fell to a 14-month low on Wednesday as supply prospects improved and worries over demand escalated.

COFFEE

* December arabica coffee settled down 6.05 cents, or 3.3%, at $1.7975 per lb​​​, a 14-month low.

* Dealers noted output in top washed arabica producers Colombia and Central America is expected to rise in the 2022/23 (October-September) season as the weather has been generally favorable.

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* Costa Rica’s coffee production will likely grow 11.5% in the 2022-2023 harvest, officials said, boosted by new plantations and a larger crop during the biannual cycle.

* The weather in top producer Brazil remains favorable and exports are picking up pace, but a potential global economic downturn could curb demand.

* January robusta coffee settled down $73, or 3.7%, at $1,875 a tonne, its lowest in 14 months.

SUGAR

* March raw sugar settled down 0.25 cents, or 1.4%, at 17.86 cents per lb. The contract hit a three-week low of 17.85 cents.

* Dealers said Brazil’s sugar production looks likely to exceed last season’s total and everything is pointing to much higher production next season, meaning a global surplus now seems certain with concerns over demand adding to the mix.

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* Agricultural consultancy Datagro said on Wednesday that top producer Brazil’s sugar output next season could grow to 38.5 million tonnes from the current 33.2 million tonnes on better climate conditions.

* December white sugar slipped $5.00, or 1.0%, at $519.30 a tonne.

COCOA

* December New York cocoa settled down $18, or 0.8%, to $2,278 a tonne.

* Cadbury chocolate-maker Mondelez has pledged to spend an additional $600 million by 2030 on efforts to combat child labor, farmer poverty and deforestation in cocoa.

* March London cocoa fell 25 pounds, or 1.3%, to 1,859 pounds per tonne​​. (Reporting by Marcelo Teixeira and Maytaal Angel; Editing by Kirsten Donovan, Mark Potter and Shinjini Ganguli)