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Sugar Drops & Cocoa Rises on Supply

May 27, 2010 at 19:30 by Vladimir Vyun

Sugar dropped in New York and London on forecast that output in Brazil, the largest cane grower in the world, will rise. Growing output was attributed to favorable weather. Production in the Center South, the country’s biggest producing region, increased to 1.51 million metric tons in the second half of April. July delivery for raw sugar lost $0.0028 (1.8 percent) to $0.1508 per pound on ICE.

Cocoa rose today in signs of dwindling supplies from Africa and on prospect for increasing demand. Cocoa exports from Ivory Coast, the biggest producer in the world, dropped 46 percent in April. Global production will trail demand by 69,000 metric tons in the year ending September 30th. July delivery for cocoa gained $20 (0.7 percent) to $2,924 per ton by 9:26 on ICE Futures U.S. in New York.

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