New York: According to the reports, Singapore based agribusiness Wilmar International was the sole buyer of 1,75,000 tonnes of raw sugar to be delivered against the ICE Futures U. S. contract hat expired on Monday.
According to the exchange data, this is the smallest physical delivery of raw sugar against an ICE October contract since 2011. Based on yesterday’s closing price, sugar worth about 46 million dollars was expected from origins in Central America.
Absence of sugar from Brazil was supportive. The falling prices of sugar in the international market has helped Brazil to emphasise more on ethanol production. The excess production of sugar kept the prices low, and the mills turned back to their favourite ethanol production as the gasoline prices have increased. It is expected that the mills will allocate more sugarcane towards ethanol output because of its huge demand.
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