Sugar falls to 2010-low
- Published: 16 May 2013 at 18.00
- Online news:
Sugar fell to the lowest level since 2010 in New York as cane processing surged in leading producer Brazil and in Thailand, the world's second-largest exporter. Cocoa retreated and arabica coffee advanced.
Sugar cane processing in Thailand was just above 100 million metric tonnes by May 15, up from about 98 million tonnes a year earlier, according to data from the Office of Cane and Sugar Board. In Brazil's centre south, the country’s main growing region, millers crushed 31.5 million tonnes of cane in the second half of April, compared with 9.4 million tonnes a year earlier, data from industry group Unica showed.
“The week kicked off with a higher than expected Brazilian sugarcane crush figure,” Christina McGlone, a strategist at Deutsche Bank AG, said in a report e-mailed on Thursday. Producers in Thailand still have the incentive to plant more, she said.
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