Record New York Sugar Delivery Gives Bears Even More Ammunition
- Almost 2.3 million tons were delivered as May futures expired
- Ethanol slump has Brazilian millers churning out more sugar
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A record raw sugar delivery in New York is giving bears one more reason to bet on lower prices.
Almost 2.3 million metric tons changed hands to settle the expiration of the May contract on ICE Futures U.S., the biggest delivery on record. Brazilian millers are already cranking up output as ethanol demand collapses and now the novel coronavirus threatens to slow global economies.