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Brazil Expects Lower Sugar Prices Ahead
02.08.2010 11:36 "Agro Perspectiva" (Kyiv) —
Brazil’s Agriculture Ministry said raw and white sugar prices will fall over the next two years.
White sugar will decline to $490 a ton by 2011 from $540 now, while raw sugar will drop to $390 a ton from $480 now, Luis Job, coordinator of the ministry’s sugar and ethanol department, said in an e-mailed statement.
A record 115 vessels were waiting to load 3.53 million metric tons of sugar at Brazil’s six main ports on July 27, according to consultant Santos Associados Consultoria Ltda. and shipping company Unimar Agenciamentos Maritimos Ltda. Loading may be delayed further because of a week of rainfall starting Aug. 1.
«Supplies from Brazil are moving at a much slower pace, despite a good harvest,» Sudakshina Unnikrishnan, an analyst with Barclays Capital in London, said today by telephone. «Near-term fundamentals remain constructive for sugar,» she said, adding that world inventories are still «thin.»
Raw sugar has surged 50 percent since reaching a 13-month low of 13 cents on May 7, as demand rose from Asia.
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