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Sugar Hits 29-Year Price Record

03 November 2010

BRAZIL – Concerns over the end of Brazil's sugar harvesting season could drive prices higher, after the sweetener reached a three-decade high yesterday (2 November).

Societe Generale analyst, Emmanual Jayet has told that it was "hard to see" how sugar stocks could be significantly lifted at this stage in the production cycle.

Brazil, the world's top sugar exporter, collected 30 per cent less of the crop in the first half of October, compared with the same period in 2009, according to data from cane industry group, Unica.

Mr Jayet said the development meant that sugar prices could climb to as high as $0.32 (£0.198) per pound, after New York's March raw sugar contract reached $0.3064 per pound on 2 November, a first for a near-term contract since 1981.

TheCropSite News Desk

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