Sugar Falls on Ample Supplies; Cotton Slides; Coffee,Cocoa Gain
This article is for subscribers only.
Sugar slid on a report that a global surplus will be larger than expected, partly because of more production in Brazil, the world’s largest grower. Cotton also dropped, while coffee, cocoa and orange juice advanced.
The global surplus for the 12 months started Oct. 1 will be 38 percent larger than estimated in November, the International Sugar Organization said today. Brazilian millers will produce 40.3 million tons of the sweetener, compared with 35.2 million a year earlier, according to the report. Prices in New York dropped to 17.67 cents a pound on Feb. 15, the lowest since August 2010.