Sugar Futures Drop in Light Trade
Sugar futures edged lower Monday in light trade on new data about the amount of cane being crushed in Brazil, the largest producer of sweetener.
Raw sugar for March ended down 0.3% at 15.40 cents a pound.
The sugar cane crush data, released early Monday from Brazilian trade group Unica came in at the upper end of expectations, said Agrilion Commodity Advisers, at 23.348 million tons crush. But sugar production from cane was down 8% year over year with more producers shifting to ethanol production.
Still, for the season, sugar production is up 2.3% over last year, according to the latest data.
"There have been no big demand reports, and the lack of demand against ideas of big world production are keeping the market in a fundamentally bearish mode," said Jack Scoville, vice president at Price Futures Group in Chicago.
In other markets, frozen concentrated orange juice for January ended down 0.6% at 1.649 a pound, arabica coffee for March closed up 0.3% at $1.279 a pound, March cocoa was down 1.6% at $2,074 a ton and cotton for March ended down 0.8% at 71.36 cents a pound.
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(END) Dow Jones Newswires
November 27, 2017 16:27 ET (21:27 GMT)