Futures Market News
Sugar on pace for longest rally in 15 months
Feb 24, 2012 03:46 PM
According to the news source, sugar output in Mexico - the sixth-largest producer in the world - could potentially miss analysts' predictions as crops have been threatened by powerful storms. What's more, Brazil's Center South, the top sugar-producing region, reported a 6.8 percent decrease in sugar production this year.
"There is talk of a near-term shortage due to the slow pace of the Mexican harvest," Jack Scoville, vice president for Price Futures Group in Chicago told the media outlet.
Scoville added Brazil's crop may not be able to recover due to the region's recent foul weather.
Currently, the International Sugar Association estimates the global sugar surplus for the 2011-2012 growing season to be 5.17 million metric tons, up from an earlier forecast of 4.46 million tons, according to Inside Futures.
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