Raw Sugar Delivery for July Futures Seen at 1.1 Million Tons
Raw sugar delivered against the expired July futures is estimated at 1.1 million metric tons, according to Swiss Sugar Brokers.
Most of the sugar will be delivered at the port of Paranagua, Brazil’s second-largest, Naim Beydoun, a broker at the Rolle, Switzerland-based company, said in a report e-mailed yesterday. Brazil is the world’s biggest sugar producer.
Three companies including a “major” Brazilian producer will receive the sweetener, according to Paul Bannister, head of sugar brokerage at Marex Spectron Group in London.
The July contract on ICE Futures U.S. in New York expired on June 29. The price difference between the July and October futures was at 0.8 cent a pound at the close that day, data on Bloomberg showed.
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