Sugar Waiting at Brazil’s Ports Declined 6% in the Past Week
The amount of sugar waiting to be loaded at the main ports in Brazil, the largest producer, dropped 6 percent in the past week, according to data from shipping agency Williams Servicos Maritimos Ltda.
About 2.14 million metric tons of sugar were ready for loading yesterday at the ports of Paranagua, Vitoria and Santos, the country’s biggest, data from Recife, Brazil-based Williams Brasil e-mailed yesterday show. That compares with about 2.27 million tons a week earlier. Strikes by officers at the ports are delaying shipments, according to SA commodities in Santos.
Some 185,750 tons, or 8.7 percent of all the sugar, was heading to India, the second-biggest producer and largest consumer, according to the Williams Brasil data. That compares with 163,155 tons the previous week.
India’s monsoon, which brings 70 percent of the country’s rainfall, was 14 percent of the 50-year average yesterday, compared with 19 percent at the end of July, the India Meteorological Department said on its website. The crop there will be 23.5 million to 24.5 million tons in the 2012-13 season that starts in October, miller Shree Renuka Sugars Ltd. estimates. That compares with about 26 million tons in 2011-12.
Raw sugar for October delivery fell 1.1 percent to 19.73 cents a pound by 4:56 a.m. on ICE Futures U.S. in New York.
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.