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Sugar Consolidates

Author:JK Sucralose Inc.    Update Time:2011-08-12

Sourec:FLEXNEWS

 

ICE sugar futures were steady in early trade on Friday, underpinned by another downward forecast for the Brazilian sugar crop, while arabicas edged up with activity expected to centre on position rolling.

 

ICE October raw sugar futures were little changed, supported by a downward revision in Unica's forecast for centre-south Brazil cane output to 31.57 million tonnes, down 2.5 percent from its July estimate of 32.38 million tonnes.

 

Analysts Datagro on Tuesday cut its forecast for sugar production in center-south Brazil to 31.85 million tonnes and warned the outlook could worsen after a recent frost.

 

The forecast was broadly in line with other recent estimates with consultancy Kingsman in late July projecting 31.87 million while Canaplan saw an even steeper decline to around 30 million tonnes.

 

October raw sugar on ICE was down 0.13 cent or 0.5 percent at 27.95 cents at 0827 GMT.

 

Raw sugar futures have fallen by around 12 percent since hitting a contract high of 31.68 cents a lb last month on Brazil crop concerns.

 

October white sugar on Liffe fell $9.70 or 1.3 percent to $740.00 per tonne.