Preoccupations about a restriction of sugar supplies from the globe's top producer of the commodity pushed up prices of sugar futures, Bloomberg reports.
Brazil's Center South, the globe's biggest producing region, saw sugar production plunge more than 80 percent for the second half of December, which is the final month of the harvest in the South American nation, according to an industry association.
"The extent of the fall in output has been more than the industry's expectations," Bruno Zaneti, a risk-management consultant at FCStone Group in Campinas, Brazil, told Bloomberg. "Also, there are some concerns about next year's crop."
Sugar futures increased 0.19 percent, a 0.06 cent rise to settle at $31.18 per pound on ICE futures in New York. On Tuesday, the commodity increased 0.7 percent and in late December, sugar reached its highest price of 34.77 cents per pound, the highest amount in more than 30 years.
Bulog, the state food company of Indonesia, announced on Wednesday that it finalized a deal to import 20,000 tons of white sugar from India.
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