DJ MARKET TALK: ICE Sugar Giving Back Gains; Follows Crude Lower
Published: 07/02/2009, 4:00:02 PM
DJ MARKET TALK: ICE Sugar Giving Back Gains; Follows Crude Lower 1030 EDT [Dow Jones] - ICE sugar futures are giving back gains with Oct trading down 25 points at 17.50 cents per pound. A New York-based broker say the market is "taking a breather" after the record deliveries seen in the July contract. What will happen next for sugar is still up in the air, the broker says. "So after all that work we can see that there is no solid conclusion. The overall supply/demand is important and the fact that there is actually a destination for the sugar and the delivery wasn't just a flat price or spread play is important," the broker says adding that for this July the spread hardly narrowed at all. "There appears to be no squeeze this time and Brazil's harvest is going well being two weeks ahead of last year's despite a slowdown in the first half of June, this according to yesterday's UNICA data." Sugar futures are also being pulled lower following crude oil's slip below $68 per barrel amid falling products prices and a firm dollar. (AMC) Contact us in Chicago at 312-750-4075 (END) Dow Jones Newswires 07-02-09 1056ET Copyright (c) 2009 Dow Jones & Company, Inc. DJ info: 61025 N/DJCS,N/DJOS,N/OSAG,N/OSCM,N/OSTR,N/ALMT,N/CMD,N/CMM,N/DJMT,N/DJWI,N/MKT,N/SCD N/SGR FSN45850 ACTV COMMENTS FOOD GENERAL SUGAR 2009-07-02 14:56:49 UTC ^^^^^^