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SOFTS-Cocoa climbs to 11-month high as top growers set minimum price

(Updates prices and market activity; adds comments, NEW YORK to dateline) NEW YORK/LONDON, June 12 (Reuters) - Cocoa futures on ICE rose to 11-month highs on Wednesday, lifted by technical buying and an announcement from top growers Ivory Coast and Ghana that the two had agreed on a minimum price for their beans.


* September New York cocoa settled up $37, or 1.5%, at $2,541 per tonne after climbing to $2,552, its highest since July 16 2018.

* The close marked the contract's seventh straight positive finish.

* Dealers said most of the buying appeared to be technically-driven.

* "We've been breaking through some recent highs so technically it is looking good," one dealer said, noting that there was still room on the upside.

* Ghana and Ivory Coast, which account for nearly two thirds of global cocoa production, set a minimum price of $2,600 per tonne and suspended forward sales for the 2020-21 season. The announcement was also seen as supporting prices, dealers said.

* Traders, manufacturers, and processors agreed to the proposed price floor.

* "It's a constant battle; trying to get producers enough income and trying to force the market to pay a minimum price. But the whole thing will fall apart unless supply and demand support it," said Shawn Hackett, president of Hackett Financial Advisors.

* September London cocoa settled up 16 pounds, or 0.9%, at 1,865 pounds per tonne after reaching a July 2018 high of 1,869.


* July raw sugar settled up 0.08 cent, or 0.6%, at 12.62 cents per lb after peaking at an April 25 high of 12.63.

* Dealers said dry weather in India, a top producer, and the recent climb in corn, were underpinning prices. Higher corn prices could increase the use of cane to make ethanol and encourage U.S. imports of Brazilian sugarcane ethanol, dealers said.

* The world sugar market is on course to record a 1.62 million-tonne (raw value) deficit in the 2019-20 season, analyst Green Pool said, lowering its estimate from 1.96 million tonnes.

* August white sugar settled down $2.10, or 0.6%, at

$333.70 per tonne.

* French sugar maker Tereos was confident about next year's results because of a rebound in European prices after reporting steep 2018-2019 losses.


* September arabica coffee settled up 2 cent, or 2%, at $1.015 per lb, supported by a firmer currency in top-grower

Brazil. .* July robusta coffee settled up $12, or 0.9%, at

$1,400 per tonne.

* The current harvest at farms associated with Brazil's Cooxupé, the world's largest coffee cooperative, reached 26.65% of planted area by June 7, way ahead of the pace set in previous years, Cooxupé said.

(Reporting by Ayenat Mersie in New York and Nigel Hunt in London; Editing by Jan Harvey, Kirsten Donovan and Tom Brown)