Sugar Falls on Signs of Oversupply in Brazil, India; Cocoa Drops
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Sugar, heading for a second straight annual drop, retreated in New York on signs of large supplies from top producers Brazil and India and weak demand. Cocoa slid.
Sugar output in Brazil’s center south, the main producing region of the world’s biggest grower, will total 34.05 million metric tons in 2012-13, up from a previous forecast of 32.7 million tons, industry group Unica said Dec. 20. Sugar production in second-ranking India was 4.8 million tons from Oct. 1 through Dec. 15, the Indian Sugar Mills Association said. Weak demand for Brazilian sugar is reflected in discounts being offered for the sweetener, according to Archer Consulting.