White-Sugar Spread at Record High on Container Shortage Worry
- Lack of containers increased demand for supplies via exchange
- Container shortage has slowed exports from key producer India
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White-sugar spreads climbed to a record high as a shipping container shortage increased demand for supplies delivered through the exchange.
The March contract’s premium over May futures rose to $23.50 a ton, the highest since the spread began in 2019. The March over May premium also jumped for raw sweetener in New York. Shipping rates have risen due to a shortage of containers and demand to stockpile commodities amid the Covid-19 pandemic.