Sugar Lower Amid Report Brazil Produced More Than Expected
Sugar futures edged down Friday, as the latest industry report showed Brazilian mills produced more sugar than expected in the second half of September.
Raw sugar for March delivery fell 0.4% to 22.82 cents a pound on the ICE Futures U.S. exchange.
A survey by S&P Global Platts showed that sugar production had been expected to grow 21% to 2.89 million tons.
Prices were somewhat supported as UNICA’s report showed that sugarcane crushed in the second half of September came in lower than analysts’ expectations. UNICA said the Brazilian mills crushed 42.3 million tons of sugarcane, an increase of 4%, compared with Platts’s estimate of 43.2 million tons.
Though sugar production in Brazil is still on track to be a record this season, some analysts have recently lowered their expectations due to various weather productions and an aging crop.
In other markets, cocoa for December rose 1.4% to $2,733 a ton, arabica coffee for December gained 2% to $1.5570 a pound, frozen concentrated orange juice futures edged down 0.1% to $1.9125 a pound, and December cotton gained 1.5% to 70.37 cents a pound.