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Sugar Drops on Improving Prospects for Crops in India & Brazil

February 24, 2011 at 5:26 by Vladimir Vyun

Sugar declined on the speculation that production will increase in Brazil and India. Fain Shaffer, the president of Infinity Trading Corp., said that the prices may fall even lower if prospect for the crops.

The Indian government said that the country is planning to export 500,000 metric tons of sugar this week. India’s DCM Shriram Consolidated Ltd. predicted that its sugar production may rise 58 percent this season. Research company Datagro forecast that output in Brazil’s Center South will advance from 33.5 million metric tons in 2010 to 35.1 million tons in 2011.

May delivery for raw sugar dropped $0.0102 (3.6 percent) to $0.2736 per pound by 14:00 on ICE. The prices reached $0.3608 on February 2, the highest level since November 1980. In London, May futures for delivery of refined sugar declined $16.40 (2.3 percent) to $702.60 per ton on NYSE Liffe.

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