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Will Sugar Rise to Record with Growing Deficit? Crude Oil Fluctuates

January 5, 2010 at 22:57 by Vladimir Vyun

Sugar futures rose in New York, continuing a rally to the record price in 29 years, on concern that supplies will shrink as worldwide demand exceeds production. Sugar price more than doubled in the previous year as drought in India and excess rainfalls in Brazil have cut cane yield. Analysts say that “a deficit in the sugar market will help the commodity to outperform a lot of the softs”. March futures for raw-sugar delivery gained $0.004 (1.4 percent) to $0.2802 per pound as of 9:52 a.m. on ICE

Crude oil fluctuated after forecasts that temperature in the northern U.S. will rise next week. About four-fifths of the U.S. heating oil consuming depends on the weather in the northeastern U.S. U.S. stockpiles of distillate fuel, including diesel and heating oil, slid 1.78 million barrels last week. February delivery for crude oil dropped $0.04 to $81.47 per barrel by 10:49 on the New York Mercantile Exchange.

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