Sugar rose in London after the U.S. Department of Agriculture cut its estimate for the cane crop in Brazil, the world’s largest producer of the sweetener.
Brazil will harvest 639 million metric tons of sugar cane in the current marketing year that started May 1, the USDA’s attache in Sao Paulo said yesterday. That’s down from a previous estimate of 660 million tons.
“This is positive for the market,” Naim Beydoun, a broker at Rolle, Switzerland-based Swiss Sugar Brokers, said by phone today. “It can be perceived as bullish. It will confirm what most market folks have been expecting.”
White sugar for December delivery climbed $4.90, or 0.8 percent, to $610.90 a ton at 9:32 a.m. on NYSE Liffe.
Raw sugar for March delivery traded on ICE Futures U.S. in New York rose for the first time in five sessions, adding 0.9 cent, or 0.4 percent, to 23.08 cents a pound.
Robusta coffee for November delivery slipped 0.1 percent to $1,632 a ton in London. In New York, arabica beans for December delivery advanced 1 percent to $1.743 a pound.
Cocoa for December delivery gained 0.2 percent to 1,850 pounds ($2,941) a ton on NYSE Liffe. Cocoa for December delivery rose 0.5 percent to $2,749 a ton in New York.
To contact the reporter on this story: Chris Kay in London at ckay5@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
http://jodnet.blogspot.com
Brazil will harvest 639 million metric tons of sugar cane in the current marketing year that started May 1, the USDA’s attache in Sao Paulo said yesterday. That’s down from a previous estimate of 660 million tons.
“This is positive for the market,” Naim Beydoun, a broker at Rolle, Switzerland-based Swiss Sugar Brokers, said by phone today. “It can be perceived as bullish. It will confirm what most market folks have been expecting.”
White sugar for December delivery climbed $4.90, or 0.8 percent, to $610.90 a ton at 9:32 a.m. on NYSE Liffe.
Raw sugar for March delivery traded on ICE Futures U.S. in New York rose for the first time in five sessions, adding 0.9 cent, or 0.4 percent, to 23.08 cents a pound.
Robusta coffee for November delivery slipped 0.1 percent to $1,632 a ton in London. In New York, arabica beans for December delivery advanced 1 percent to $1.743 a pound.
Cocoa for December delivery gained 0.2 percent to 1,850 pounds ($2,941) a ton on NYSE Liffe. Cocoa for December delivery rose 0.5 percent to $2,749 a ton in New York.
To contact the reporter on this story: Chris Kay in London at ckay5@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
http://jodnet.blogspot.com
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