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08/04/10 – Sugar fell in New York for the third time this week on signs that higher output in Brazil and India, the world´s largest producers, will erase a global deficit. Orange juice tumbled to a four-month low.
India´s sugar output may reach 18.1 million metric tons in the year ending Sept. 30, Farm Minister Sharad Pawar said today. Three weeks ago, he forecast above 17 million. Mills in Brazil´s Center South, the source of most of the nation´s cane crop, will produce a record 34.1 million tons in the season that started April 1, an industry group has said.
“The fundamentals are weak,” said Jack Scoville, a vice president at Price Group Inc., a broker in Chicago. “The trend will remain bearish.”
Raw sugar for May delivery declined 0.12 cent, or 0.7 percent, to 16.04 cents a pound at 1:06 p.m. on ICE Futures U.S. Before today, the most-active contract tumbled 40 percent this year.
The global-supply shortfall will be 12.8 million tons this year, down from 14.8 million projected in February, Czarnikow Group Ltd. said on March 24, citing higher-than-forecast output in India,, the second-biggest grower. The market will return to a surplus next year, the London-based broker said. |
