Sugar Slumps to Lowest Since July 2010 as Production Widens Glut
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Sugar futures declined in New York to the lowest since July 2010 on signs that an improving global production outlook will add to a supply glut.
The 2014 cane harvest in Australia, the world’s third-biggest sugar exporter, may exceed 32 million metric tons, compared with about 30.5 million a year earlier, producers’ group Canegrowers said today. In Brazil, the largest producer, rains this week will boost the crop, Somar Meteorologia said yesterday.