Here’s Bloomie with a report on today’s market:
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Feb. 9 (Bloomberg) — White sugar rose in London, extending its longest winning run in two years, on a forecast that world sugar production may fall short of demand this year as India switches to being a net importer.
Global output may drop 4.55 million metric tons short of demand this year, said Cargill Ltd., the largest privately held U.S. agricultural company. The gap between production and demand may widen in the 2009-10 crop year, Jonathan Drake, head of Cargill’s sugar business, said at the Kingsman Dubai Sugar Conference today. Prices will probably climb this year, he said.
“Next year the deficit is going to be worse than this year,” Drake said. “The important thing is to get a sense of India. This season’s crop seems to be slipping away” because of yada yada continues here
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And here’s the latest daily chart. I’m playing this via Cosan (CZZ) which finished 3% up at $3.92 after breaking through $4 intraday.
DYODD