Bunge Ltd bought most, if not all, of the 777,498 tonnes of sugar against the raw sugar contract on ICE Futures U.S. that expired on Friday, while Wilmar International Ltd broke a streak of six purchases to become the largest seller, traders said.
The 15,265 lots of sugar was expected from Brazil and Argentina, three U.S. traders said, down from the October 2015 delivery of 23,644 lots but bigger than the 10,405 lots delivered the year prior.
“(In Brazil’s) northeast, we heard more sugar was available for delivery but they delivered less than what we’ve heard,” said a U.S. broker.
The traders said that Bunge bought at least 15,215 lots against the October futures contract while Wilmar was the biggest seller at 7,694 lots. This is in stark contrast to Singapore agribusiness Wilmar’s activity in the last year-and-a-half, when it bought against the board for the past six contracts.
Bunge did not immediately respond to a request for comment and Wilmar could not be reached due to the late hour in Singapore.
The exchange will publish the official results on Monday.