Thailand is seeing a dearth of vessels, a sunken ship obstructing access to the biggest river for passage and labor shortages, all of which postpone exports of the sweetener. One sugar industry official told the news service the logjam of vessels is the biggest he's seen in his six-plus decades of life.
"I've never seen so many ships waiting to load sugar," according to Prasong Serisathien, general manager of Siam Sugar Export, the second biggest exporter in Thailand. "Problems have intensified because every step in the export chain from the warehouse to the vessel is congested."
At 2 p.m. on Tuesday, sugar futures dropped 0.62 percent, a 0.0015 cent slip to 0.2423 cents per pound.
Commodity Online reports the fall in price also is a result of lessened supply for retailers with sufficient stock. Retailers' lessened offtake also prompts the price of wholesale sugar.
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