Mill production fell 29 percent to 408,000 metric tons from Oct. 1 to Nov. 20, according toPrakash Naiknavare, managing director of the Maharashtra State Cooperative Sugar Factories Federation Ltd. Output in India, the second-largest producer after Brazil, may total 24.5 million tons in the year that began Oct. 1, K.V. Thomas, a junior agriculture minister, said Nov. 19. The government has forecast 25 million tons on Nov. 11.
“There seems to be a little bit of a trend for talking down the Indian crop,” said Jake Wetherall, a trader at Rabobank International in London.
Raw sugar for March delivery gained 0.38 cent, or 1.5 percent, to 26.53 cents a pound on ICE Futures U.S. in New York at 12:38 p.m. London time. The contracts slumped 7.1 percent on Nov. 19. White, or refined, sugar for March delivery dropped $3.50, or 0.5 percent, to $675.60 a ton on NYSE Liffe in London. Prices have dropped 17 percent since they reached $811, the highest level since at least 1989, on Nov. 11.
Prices also advanced as the dollar weakened, making raw materials priced in the currency cheaper in terms of other monies. The euro climbed for a fourth day as Ireland sought international aid from the European Union and International Monetary Fund to rescue its banking system.
Arabica coffee for March delivery fell 0.5 percent to $2.1015 a pound in New York. Robusta coffee for January delivery fell 0.8 percent to $1,895 a ton on NYSE Liffe.
Cocoa for March delivery gained 0.2 percent to $2,874 a ton in New York. The chocolate ingredient for March delivery rose 0.3 percent to 1,887 pounds ($3,016) a ton.
(Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a0YYXAqRfVgM)
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