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SOFTS-Cocoa dips amid confusion over Ghana, Ivory Coast pricing

(Updates prices and market activity; adds comments, NEW YORK to dateline) NEW YORK/LONDON, July 10 (Reuters) - Cocoa prices on ICE dipped on Wednesday as dealers awaited clarity on how top producers Ivory Coast and Ghana will price their beans going forward, while coffee prices slipped.


* September London cocoa settled down 21 pounds, or 1.1%, at 1,876 pounds per tonne, having touched a one-year high of 1,939 pounds on Monday.

* In a major market shake-up, Ivory Coast and Ghana, which produce some 60% of the world's cocoa, plan to introduce a new pricing system for their beans.

* The countries are implementing a fixed "living income differential" of $400 a tonne on all contracts sold by either country in the 2020/21 season.

* "Short term they'll win (on price) but how long will it be before industry reorganize themselves and Ivory Coast and Ghana have too much production they have to control," said a Europe-based trader.

* September New York cocoa settled down $13, or 0.5%, at $2,509 per tonne.

* Total open interest climbed for the eighth straight session to reach a one-year high of 281,530 lots, ICE data show, as funds continue to add length, dealers said.

* Cocoa arrivals at ports in Ivory Coast reached 2.061 million tonnes between Oct. 1 and June 30, up about 10% year on year.

* In an indication of strong demand, however, Ivorian grinders processed 407,000 tonnes of beans by the end of June, up 7% year on year.


* September arabica coffee settled down 1.55 cent, or 1.4%, at $1.059 per lb, its third negative finish in five sessions.

* Prices hit a seven-month peak of $1.1565 on Friday on fears over the weekend frost in top-grower Brazil, but have since retreated as the market gauges the actual impact of the frost.

* Brazil's Cooxupe will release a report later today with its initial evaluation of the frost's impact.

* While Brazilian farmers are expecting crop damage from the frost, investors are maintaining their expectations for record production in 2020.

* September robusta coffee settled down $6, or 0.4%, at $1,430 per tonne.


* October raw sugar settled up 0.15 cent, or 1.2%, at 12.50 cents per lb.

* Brazil's center-south region produced 2.19 million tonnes of sugar in the second half of June, 4% less than in the same period a year earlier, industry group Unica said.

* India's monsoon rains in the week ending on Wednesday were above average for the first time since the start of the season on June 1, easing drought concerns.

* August white sugar settled up $2.10, or 0.7%, to $321.40 a tonne.

(Reporting by Ayenat Mersie in New York and Nigel Hunt in London; editing by Edmund Blair, Mark Potter and Diane Craft)