ED&F Man, Sucden Take Biggest Sugar Delivery Since 2007
ED&F Man Sugar Ltd. and Sucres et Denrees SA took the biggest delivery of white, or refined, sugar in five years as exchange rules imposing limits came into force.
Sweetener delivered against the expired December futures contract on NYSE Liffe in London totaled 8,496 lots, or 424,800 metric tons, exchange data published today showed. That was the biggest delivery since May 2007, when 810,800 tons changed hands to settle the expiry of May futures.
ED&F Man accepted 215,000 tons of sugar, and Sucres et Denrees took 209,800 tons, the companies said in separate e- mailed statements. The deliveries were below the 250,000-ton limit set by the exchange. Cargill Inc. delivered 250,000 tons, Corinne Holtshausen, a spokeswoman for Cargill Inc., commented by e-mail today. Louis Dreyfus Commodities Suisse SA delivered 174,800 tons, exchange data showed. Julie Hibon, a spokeswoman for Louis Dreyfus did not reply to two e-mails and did not return a phone call from Bloomberg News today.
Most of the sugar, or 230,800 tons, will come from ports in Brazil, the world’s largest producer. Another 46,000 tons will come from Guatemala, and 148,000 tons will be from India, the second-biggest producer and largest consumer.
NYSE Liffe introduced delivery limits on its London commodity contracts in September, and the rules took effect for white sugar at the December expiry. A company willing to exceed the curbs must apply for an exemption. The exchange may permit buyers to take delivery of as much as double the limit in certain cases, including a physical commitment to deliver the commodity obtained via the exchange to a client.
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