Nov. 28 (Bloomberg) -- Sugar fell in New York on signs supplies from Brazil, the world’s biggest producer, will suffice to meet demand. Coffee dropped.
Harvest progress was “better than anticipated” in center south, Brazil’s main growing region, UBS AG strategist Wayne Gordon said yesterday in a report. Cane production is on pace to reach 520 million metric tons, he said. The world may have a 6.2 million-ton surplus in the 2012-13 season, following an excess of about 7 million tons in the prior period, according to the International Sugar Organization.
“The sugar story will remain under pressure for the months to come,” said Jonathan Bouchet, a trader at Boman Capital SA in Geneva.
Raw sugar for delivery in March lost 0.5 percent to 19.14 cents a pound at 8:11 a.m. on ICE Futures U.S. in New York. Prices are down 18 percent this year and headed for a third monthly drop in four. White, or refined, sugar for delivery in March fell 0.3 percent to $509.40 a ton on NYSE Liffe in London.
Arabica coffee for delivery in March slid 0.4 percent to $1.485 a pound in New York. Robusta coffee for delivery in January dropped 0.3 percent to $1,906 a ton in London.
Cocoa for delivery in March declined 0.3 percent to $2,440 a ton in New York. Cocoa for the same delivery month rose 0.1 percent to 1,561 pounds ($2,492) a ton in London.