April 30 (Bloomberg) -- Raw sugar rose for the fourth straight session on speculation that slow corn sowings in the U.S. may lift demand for Brazilian grain, creating shipping delays. Cocoa, cotton and coffee gained. Orange juice slid.
Corn futures jumped 6.5 percent yesterday, the most in 10 months, after a government report showed cold, wet weather delayed sprint planting in the U.S., the world’s biggest exporter. In the week ended April 23, money managers and other large speculators narrowed wagers on a sugar-price drop by 23 percent, government data showed.
The troubles for the harvest in the U.S. may keep “loading firmly entrenched in Brazil for a bit longer than expected, and that could complicate transport of sugar to the port,” Michael McDougall, a vice president for Newedge Group in New York, said in an e-mailed report. Funds “might have covered their bets” against that possibility, he said.
On ICE Futures U.S. in New York, raw-sugar futures for July delivery climbed 0.9 percent to settle at 17.6 cents a pound at 2 p.m., the fourth straight advance and the longest rally since March 7. Still, the sweetener fell 0.3 percent in April, the fourth consecutive monthly slide and the longest slump since May 2010.
Today was the last trading day for expiring May futures and the first notice date is tomorrow, when the exchange will announce how much sugar will be delivered against the contract. McDougall estimated deliveries will be about 1.36 million tons.
Cocoa futures for July delivery rose 1.4 percent to $2,368 a metric ton, extending April’s rally to 9.1 percent, the most since August.
Cotton futures for July delivery climbed 2 percent to 87.47 cents a pound.
Arabica-coffee futures for July delivery advanced 1 percent to $1.351 a pound.
Orange-juice futures for July delivery dropped 1.6 percent to $1.404 a pound on ICE. This month, the commodity posted a gain of 3.9 percent, the fourth in a row and the longest climb since July 2011.
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