Sugar Falls to Lowest Since August on Ample Supply; Cotton Gains

December 12, 2013 09:10 AM
 

Dec. 12 (Bloomberg) -- Sugar futures fell to the lowest since August on signs of ample global supplies. Cotton, coffee, cocoa and orange juice gained.

Thailand, the world’s second-largest sugar exporter, said that output more than doubled to 301,795 metric tons in the first 16 days of the season that started Nov. 25 from about a year earlier. Output in Brazil, the top producer and shipper, has climbed 0.7% in its season, according to Unica, a Sao Paulo- based industry group.

"There’s still plenty of sugar around, and prices will continue under pressure," Jack Scoville, a vice president at Price Futures Group in Chicago, said in a telephone interview. "There’s no fundamental reason to buy."

Raw sugar for March delivery declined 1.3 percent to settle at 16.3 cents a pound at 2 p.m. on ICE Futures U.S. in New York. Earlier, the price touched 16.29 cents, the lowest for a most- active contract since Aug. 23.

Cotton futures for March delivery rose 0.7 percent to 83.06 cents a pound. Earlier, the price reached 83.13 cents, the highest since Oct. 21.

Arabica-coffee futures for March delivery climbed 1.5 percent to $1.113 a pound. Earlier, the price reached $1.12, the highest since Dec. 4.

Cocoa futures for March delivery advanced 1.2 percent to $2,787 a ton.

Orange-juice futures for January delivery jumped 1.5 percent to $1.4625 a pound. Earlier, the commodity reached $1.463, the highest since July 31.

 

--With assistance from Supunnabul Suwannakij in Bangkok. Editors: Patrick McKiernan, Thomas Galatola

 

To contact the reporter on this story: Marvin G. Perez in New York at mperez71@bloomberg.net

 

To contact the editor responsible for this story: Millie Munshi at mmunshi@bloomberg.net

 

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