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Sugar Futures: Sugar Declines to Six-Month Low in London as Buyers Hold Back

Sugar Futures and Options March 9th, 2010

Sugar futures fell to the lowest price in six months in London on signs buyers are holding back as prices retreat from two-decade highs and on an increased outlook for production in India.

Pakistan today delayed a plan to buy as much as 650,000 metric tons of sugar from Dubai. Output in India, the world’s second-largest producer and biggest consumer, will be higher than forecast as cane yields improve, the Indian Sugar Mills Association said today.

White, or refined, sugar for May delivery fell $34.50, or 5.9 percent, to $555.30 a ton on NYSE Liffe, the lowest closing price since Sept. 9 and biggest one-day drop since Oct. 6, 2008. Raw sugar for May delivery traded on ICE Futures U.S. in New York dropped 5.5 percent to 20.39 cents a pound at 5:30 p.m. London time.

Prices are falling because “supply outlooks beat expectations and buyers remained disciplined,” said Jonathan Feeney, a food and beverage analyst at Janney Capital Markets in Philadelphia, in a comment.

India’s sugar production may total 16.8 million tons in the year ending Sept. 30, up from an earlier estimate of 16 million tons, Vivek Saraogi, president of the millers’ association and managing director of the nation’s second-biggest producer, told reporters today.

Thailand, the second-largest exporter, may harvest a record sugar crop next year after farmers boosted planting in response to climbing global prices, the Thai Sugar Millers Corp. said yesterday.

Cocoa for May delivery fell 0.6 percent to 2,151 pounds ($3,223) a ton on NYSE Liffe.

Robusta coffee for May delivery rose 1.9 percent to $1,245 a ton, the first increase in four days.

 - Rudy Ruitenberg in Paris at Bloomberg.

See Also: Coffee, Cocoa, Cotton, Orange Juice, Sugar

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