Vitol Group is taking delivery of about 144,000 metric tons of raw sugar following the expiry of ICE Futures U.S.’s July contract, according to two people with direct knowledge of the matter.
The company owns 2,835 futures contracts, each representing 112,000 pounds (50.8 tons), said the people, asking not to be identified because they aren’t authorized to talk to the media. Andrea Schlaepfer, a spokeswoman for Vitol in London, declined to comment. ICE confirmed the size of the delivery today.
Bunge Ltd. is among the sellers, delivering 197 futures, according to two people familiar with the transactions, who also asked not to be named. Susan Burns, a spokeswoman for the White Plains, New York-based company, said by e-mail today that Bunge doesn’t comment on commercial contracts.
The July contract expired June 28 at 16.38 cents a pound. The 2,835 contracts delivered is the smallest for July since 2006, bourse data show. The sugar will come from ports in Argentina, El Salvador and Mexico, ICE said today.