Brazil Sugar Line-Up Rises by Four Vessels, SA Commodities Says
Category: Sugar
(Bloomberg) – As many as 42 ships were scheduled yesterday to load sugar at ports in Brazil, the world’s largest producer of the commodity, four more than on Oct. 13, according to consultancy SA Commodities and shipping agency Unimar Agenciamentos Maritimos Ltda.
The vessels are set to load 1.33 million metric tons of the sweetener in the ports of Suape, Maceio, Vitoria, Santos and Paranagua, data e-mailed yesterday show. That compares with 1.19 million tons two weeks ago, according to SA Commodities and Unimar, both based in Santos, Brazil.
The sugar production forecast for Brazil’s Center South, the nation’s main producing region, was cut to 30.1 million tons in the 2011-12 season, from a previous estimate of 30.6 million tons, industry researcher Datagro Ltd. said yesterday.
The premium to obtain raw sugar from the South American nation is “still high due to domestic demand and lack of fresh supplies,” Luis Rangel, vice-president of commodity derivatives at ICAP Futures LLC in Jersey City, New Jersey, wrote in a report e-mailed yesterday.
Offers for raw sugar for loading in November at the port of Paranagua were at a premium of 1.45 cents a pound above the price on ICE Futures U.S. in New York, data from SA Commodities e-mailed yesterday show.
Ships scheduled to head to China will load 140,500 tons of the sweetener, according to the line-up of vessels, while 45,000 tons are set to sail to Malaysia.
“Malaysia, Egypt, Iran, and China still have to do some buying,” Michael McDougall, senior vice president at New York- based Newedge Group, wrote in a report yesterday.
White, or refined, sugar for December delivery was little changed at $728.10 a ton by 11:31 a.m. on NYSE Liffe in London. Raw sugar for March delivery rose 0.24 cent, or 0.9 percent, to 27.18 cents a pound 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.
