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Home / Futures Blog / Sugar prices jump as Russian drought continues supply strains

Sugar prices jump as Russian drought continues supply strains

August 9, 2010 by Daniels Trading

The devastating fires and drought currently blighting Russian crops have had the sharpest impact on grain markets, but sugar is feeling the effects too. Bloomberg/BusinessWeek reported that sugar futures climbed on Tuesday in response to a decrease in the forecast for the Russian sugar beet harvest.

Russian sugar beet production could fall as much as 20 percent, according to the Sugar Producers’ Union. Next year could see the nation importing 1.8 million metric tons of raw sugar.

On the Intercontinental Exchange, raw No. 11 sugar contracts for October delivery shot up over 4 percent to trade at 18.49 cents per pound. March 2011 prices were up 3.2 percent to 18.21 cents per pound; the higher short-term price could indicate a shortage in the currently available supply.

That could be due in part to the continually lengthening queues outside Brazilian sugar ports. This week, the queue at Santos, the largest sugar port in the nation, climbed from 67 to 75 waiting ships, reports Bloomberg/BusinessWeek.

With nearly 80 percent of the exports of the world’s largest producer of the sweetener going through Santos, those delays are certainly having an effect on the global price.

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Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Archived News

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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