Raw sugar for July delivery dropped 0.7 percent to 23.24 cents a pound on ICE Futures U.S. in New York yesterday. The most-active contract climbed to 36.08 cents a pound on Feb. 2, the highest level since 1980.
Sugar output in Thailand, the biggest exporter after Brazil, will exceed a forecast to reach a record after rainfall increased yields, boosting shipments to an all-time high, according to the Office of the Cane & Sugar Board.
Increased supplies from Thailand may pressure global prices that tumbled 36 percent since reaching a three-decade high in February as output climbs in Brazil and India, the world’s biggest producers. Sugar is the worst performer on the Standard & Poor’s GSCI Spot Index of 24 commodities this year, helping cool global food prices that the United Nations estimates fell in March from a record.
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