NEW YORK: Deliveries of raw sugar on the expiration of the May contract on ICE exchange totalled 9,520 lots, or 483,643 metric tons, with most of that volume to be loaded in Brazil, according to a notice from the exchange released on Friday.
The ports of Santos, Paranagua and Maceio in Brazil will load 365,272 tons of the sugar, while smaller amounts will be loaded in five countries in Central America, as well as in the port of Coatzacoalcos in Mexico, ICE said.
ICE’s notice confirmed preliminary information from two sugar traders on Thursday. They said that sugar trader Alvean, controlled by Brazilian co-op Copersucar, was the sole receiver of all the sugar, while French soft commodities trader Sucden was seen as the largest deliverer with around 285,400 tons.
The delivery is relatively small for the May contract, compared to historical data compiled by Reuters. Last year’s May delivery was nearly 30,000 lots, while this year’s is the smallest since 2022. Smaller deliveries are usually seen as bullish, meaning traders could find better deals in the physical market, outside of the exchange system.
Sugar prices were up more than 2% in New York morning trade at nearly 15 cents per pound, a three-week high.
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