Sugarcane output in the primary growing region of Brazil, the world's largest producer of sugar, is projected to total as much as 575 million metric tons in 2011, according to the region's largest processor of sugar. That would mark an increase of 3.4 percent from the year prior.
"Any time supply news like this comes out, you'll see weakness in the market," Jimmy Tintle, an analyst at Transworld Futures in Tampa, told the news service.
Shortly before 2 p.m. on Tuesday, sugar futures were down 1.49 percent, a 0.43 cent reduction to $28.35 per pound. Earlier on Tuesday, sugar futures sank to $27.95 per pound, the soft commodity's lowest value since December 8.
Shortly before 2 p.m. on Tuesday, cocoa futures were down 0.62 percent, a $21 reduction to $3,385 per metric ton. Coffee futures also were down, slipping 1.07 percent, a 02.80 cent drop to $2.589 per pound.
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