Investing.com – Sugar futures were down for a fifth day on Wednesday, hovering close to a four-week low after official data showed that sugar exports from Brazil rose to an eight-month high in July, easing concerns over tightening supplies from the world’s largest sugar producer.
On the ICE Futures U.S. Exchange, sugar futures for October delivery traded at USD0.2838 a pound during European morning trade, slumping 0.61%.
It earlier fell as much as 0.75% to trade at USD0.2832 a pound, hovering close to the previous session’s four-week low of USD0.2806.
Brazil’s Trade Ministry said on Tuesday that Brazilian sugar exports rose to 3.06 million metric tons in July, up 5.5% from a year earlier.
It was the highest export total since last November, when the country exported 3.11 million tons of sugar.
Meanwhile, ICAP do Brasil, the nation’s biggest sugar industry group said that Brazil’s sugar-cane harvest in the 2011-12 marketing season was expected to total 620 million tonnes, compared to last season’s crop of 595 million tonnes.
Brazil is the world’s largest sugar producer and exporter, with the U.S. Department of Agriculture estimating the nation accounts for nearly 20% of global production and 39% of global sugar exports.
Prices were also weighed after Egypt’s state-run sugar processor, Sugar and Integrated Industries cancelled a tender to buy 100,000 metric tons of raw sugar on Tuesday, citing high prices.
Sugar prices rose nearly 22% over the past two months, climbing to a nine-month high of USD0.3168 a pound on July 25 amid concerns Brazilian sugar output will be lower than initially estimated.
Elsewhere, on the Chicago Mercantile Exchange, wheat for September delivery fell 1.58% to trade at USD7.1050 a bushel, corn for September delivery shed 0.49% to trade at USD7.0800 a bushel, while soybeans for September delivery dipped 0.62% to trade at USD13.6350 a bushel.
On the ICE Futures U.S. Exchange, sugar futures for October delivery traded at USD0.2838 a pound during European morning trade, slumping 0.61%.
It earlier fell as much as 0.75% to trade at USD0.2832 a pound, hovering close to the previous session’s four-week low of USD0.2806.
Brazil’s Trade Ministry said on Tuesday that Brazilian sugar exports rose to 3.06 million metric tons in July, up 5.5% from a year earlier.
It was the highest export total since last November, when the country exported 3.11 million tons of sugar.
Meanwhile, ICAP do Brasil, the nation’s biggest sugar industry group said that Brazil’s sugar-cane harvest in the 2011-12 marketing season was expected to total 620 million tonnes, compared to last season’s crop of 595 million tonnes.
Brazil is the world’s largest sugar producer and exporter, with the U.S. Department of Agriculture estimating the nation accounts for nearly 20% of global production and 39% of global sugar exports.
Prices were also weighed after Egypt’s state-run sugar processor, Sugar and Integrated Industries cancelled a tender to buy 100,000 metric tons of raw sugar on Tuesday, citing high prices.
Sugar prices rose nearly 22% over the past two months, climbing to a nine-month high of USD0.3168 a pound on July 25 amid concerns Brazilian sugar output will be lower than initially estimated.
Elsewhere, on the Chicago Mercantile Exchange, wheat for September delivery fell 1.58% to trade at USD7.1050 a bushel, corn for September delivery shed 0.49% to trade at USD7.0800 a bushel, while soybeans for September delivery dipped 0.62% to trade at USD13.6350 a bushel.