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  • bluecheese4u bluecheese4u Aug 12, 2013 3:08 PM Flag

    Sugar Gains to 6-Week High as Brazil Favors Ethanol; Cocoa Falls

    Sugar Gains to 6-Week High as Brazil Favors Ethanol; Cocoa Falls

    By Alex Pashley & Isis Almeida - Aug 12, 2013 3:22 AM MT

    Sugar climbed to a six-week high in New York on signs Brazil, the world’s largest producer, is favoring ethanol production over the the sweetener. Cocoa fell.

    Millers in Brazil’s center south, the country’s main producing region, used 55 percent of sugar cane processed in the second-half of July to make ethanol, up from 49.4 percent a year earlier, industry group Unica in Sao Paulo said Aug. 9. The amount of cane crushed fell 4.4 percent in the period to 44.3 million metric tons, Unica data showed.

    “The market took these figures as slightly bullish,” Robin Shaw, analyst at futures and options broker Marex Spectron Group in London, said in a report e-mailed today. “These show that the crush was reasonable, that mills continued to favor ethanol over sugar production.”

    Raw sugar for delivery in October rose 0.4 percent to 17.05 cents a pound by 5:13 a.m. on ICE Futures U.S. in New York and earlier today jumped to 17.1 cents, the highest since June 28. The sweetener climbed the past four weeks, the longest winning streak since July 2012. White sugar for October delivery rose 0.2 percent to $499 a ton on NYSE Liffe in London.

    Brazilian raw sugar is trading at a premium of 0.05 cent a pound to the futures price in New York, according to Sao Paulo-based Archer Consulting. That compares with a discount of 0.1 cent a pound, Arnaldo Luiz Correa, a director at the consultancy, said in a report e-mailed Aug. 10.

    “The mood is slowly changing,” Correa said. “The first sign of recovery, as it usually happens to commodities, is when premiums start to appreciate.”

    Cocoa for December delivery fell 0.2 percent to $2,476 a ton on ICE. Cocoa for September delivery dropped 0.1 percent to 1,646 pounds ($2,547) a ton on NYSE Liffe.

    Arabica coffee for September delivery was little changed at $1.2295 a pound in New York. Robusta coffee for delivery in Nove

 
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