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.
The price of sugar futures rose in New York trading today, with the price of raw sugar contracts for October delivery increasing slightly by .03 cents to 17.09 cents per pound. Earlier in the day the contract had traded as high as $17.23 cents per pound, a two-month record. On the Liffe, an interesting situation… Read more.
As China pours some cold water on its economy to prevent overheating, the prices of raw materials are falling along with Chinese stocks. West Texas Intermediate light, sweet crude oil futures fell 4.33 percent to $72.49 per barrel at 11 a.m. EST. Copper futures, closely tied to industrial consumption and economic growth, fell 2.36 percent… Read more.
Robusta coffee futures for July delivery rose almost 7 percent to $1,573 per metric ton after the International Coffee Organization (ICO) released its latest survey of the global coffee market today. The report featured news that exports from Vietnam, the world’s largest grower of robusta beans, fell by 20 percent from a year earlier, pushing… Read more.