Tags: US | Commodities | Review

Sugar Prices Fall As Production Forecast Improves

Wednesday, 24 Mar 2010 08:43 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Sugar prices fell sharply Tuesday after reports indicated Brazil is harvesting a large crop that could boost global supplies.

Sugar prices declined 1.27 cents, or 7.1 percent, to settle at 16.57 cents a pound in heavy trading. Energy and metals prices rose while grains fell.

In the latest setback for sugar futures, prices have fallen about 43 percent since it hitting a 29-year high in early February because investors are leaving the market amid reports of improving supply, said Richard Feltes, director of commodity research for MF Global in Chicago.

The sugar market has drawn more attention this year because supplies have been at a global deficit in the past two years due to crop damage and poor weather in growing regions, said Spencer Patton, founder and chief investment officer of Steel Vine Investments LLC, a hedge fund that trades in commodities.

India, which is a larger sugar producer, has seen two consecutive years of below-normal levels of rain during their monsoon season, which affected the crop. Patton said he believes it's unlikely the country would suffer through a third consecutive year of light rains.

Reports from Brazil, meanwhile, indicate crop levels are significantly higher than in the past two years, he said.

In other trading, gold for April delivery rose $4.20 to $1,103.70 an ounce; silver for May delivery rose 9.2 cents to $17.027 and May copper fell 0.15 cent to $3.379 a pound.

Grain contracts for May delivery fell. Wheat prices declined 9.75 cents to $4.7675 a bushel; soybeans dipped 0.5 cent to $9.68 a bushel and corn fell 8 cents to $3.6275 a bushel.

Benchmark crude for May delivery rose 31 cents to settle at $81.91 a barrel on the New York Mercantile Exchange.

In other Nymex trading in April contracts, heating oil rose 1.81 cents to settle at $2.1018 a gallon, gasoline added 0.66 cent to close at $2.2628 a gallon. Natural gas gained 5.1 cents to settle at $4.13 per 1,000 cubic feet.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Wall Street Tumbles; Dow Drops More Than 300

Thursday, 31 Jul 2014 11:40 AM

U.S. stocks slumped in a broad decline on Thursday, with the Dow and S&P 500 turning negative for July on concerns about . . .

Ben Stein: I Begged Nixon to Apologize and Not Resign

Thursday, 31 Jul 2014 16:43 PM

Ben Stein says he made a dramatic, eleventh-hour bid to have Richard Nixon apologize for his Watergate crimes and save h . . .

Dick Morris on Obama: 'Removed, Distracted, Aloof'

Thursday, 31 Jul 2014 16:21 PM

President Barack Obama has been criticized for continuing to headline political fundraisers while the country is facing  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved