Raw sugar delivered against the expired March futures contract in New York may be about 860,000 metric tons, according to ICAP do Brasil CTVM.
The sugar is likely to come from Brazil, Thailand, Central America and the Philippines, Juliano Ferreira, a broker at the Sao Paulo-based company, said by phone today, citing market estimates.
The March contract expired yesterday on ICE Futures U.S. and the first notice for delivery is later today. Cargill Inc. took delivery of almost 1 million tons of raw sugar after the March 2011 contract expired on ICE.
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