NEW YORK: The physical delivery of sugar against the expiry of the May contract at ICE US reached 11,351 lots, or around 576,660 tonnes, with main ports of delivery being Santos and Paranagua, in Brazil, the exchange said on Monday.

One small lot with 99 contracts will be delivered in Nicaragua, the exchange said. The official number matches traders’ estimates compiled by Reuters on Friday.

It is a small delivery considering recent years, accounting for only a quarter of the volume seen for the May contract in 2020 when more than 44,000 lots were delivered.

“Some say the delivery was a non-event,” said one US-based broker, referring to the size of the operation.

Brazilian mills are having a very slow start to the 2021/22 season (April-March), with sugar production lagging last year’s levels by as much as 35%.