The price of sugar jumped on Tuesday, while other soft commodities fell in the day’s trading. Pakistan may be forced to import raw sugar, the nation’s industries ministry said, rather than buying expensive white sugar. Pakistan has been devastated by lethal, destructive floods which have killed over 2,000 people, displaced 20 million people and flooded… Read more.
According to Barclays Capital, wheat futures still have more room to rise and will be the best-performing agricultural commodity this year, reported Bloomberg News on Friday. The drought which has devastated the wheat harvest in Russia’s Black Sea region will continue to create a “ripple effect” that will disrupt grain markets worldwide. September wheat futures… Read more.
Deadly floods in Pakistan devastated crops and food supplies, killing 1,600 people and displacing 14 million. Mohammed Ibrahim Mogul, the chairman of Agri Forum Pakistan, told Bloomberg News that the heavy rains and subsequent flooding had caused $2.9 billion in losses, including 700,000 acres of cotton, 200,000 acres of rice, 500,000 metric tons of wheat… Read more.
Wednesday’s trading didn’t just start badly for equities traders – orange juice futures also suffered a drop, as a bumper crop from Florida may arrive just as demand for juice falls. Futures on the IntercontinentalExchange in New York fell 1.4 percent to $1.3705 per pound at 10:15 a.m. EST, reported Bloomberg News. Today’s fall follows… Read more.
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… Read more.
The relentless drought currently scourging central Russia has caused a massive surge in the price of wheat, leading world’s third-largest exporter to ban all exports of wheat until the end of the year. Now, raw sugar futures are rising in price, as traders speculate that soaring temperatures and minimal rains will affect the harvest of… Read more.
It’s been a nerve-wracking month for those trading in sugar futures, as logistical gridlock at Brazilian sugar ports ran into a surge in demand on the eve of the Ramadan holiday in the Muslim world. Food manufacturers in Egypt and other nations use huge quantities of the sweetener to produce traditional desserts for late-night feasts,… Read more.
James Bullard, the President of the Federal Reserve Bank of St. Louis, helped spook stock markets on Thursday when he warned in a research paper that the U.S. is close to entering a deflationary trap similar to the “lost decade” experienced by Japan. In order to stave off deflation, Bullard recommended further quantitative easing –… Read more.
A rise in the price of sugar futures is supported by both genuine increases in demand and some difficulties on the supply side, analysts say. In Wednesday trading, the No. 11 raw sugar futures contract for October delivery gained 1.538 percent to 17.55 cents per pound. The Muslim world is approaching the peak of its… Read more.
Sugar prices rose early on Friday, then fell towards noon as Paranagua, Brazil’s second-largest port, was temporarily closed due to confusion about an environmental license. The environmental agency Ibama shut down the port for operation without the license, but a federal judge ordered it to reopen and gave it 30 days to show plans to… Read more.