June 28, 2019 / 6:59 PM / 24 days ago

UPDATE 1-Four trade houses buy record-large raw sugar delivery -traders

(Adds details of delivery, value, origins, comments)

NEW YORK, June 28 (Reuters) - Sucres et Denrees (Sucden), Alvean, ED&F Man, and Louis Dreyfus Company scooped up the delivery of the July raw sugar against ICE Futures U.S. contract that expired on Friday in the largest delivery on record, traders said.

The delivery against the July raw sugar contract on ICE Futures U.S. totaled about 41,500 lots, about 2.1 million tonnes of raw sugar, three traders told Reuters.

The sugar is worth over $570 million based on Friday’s closing price of 12.32 cents per lb. July futures closed at a 0.3-cent discount to the October contract. SBN9-V9

Spokesmen for the firms could not immediately be reached for comment. The exchange was due to publish the official data on the delivery on Monday.

This would be the largest delivery on record for any month, according to ICE. The previous record-holder was the delivery against the May 2015 contract, which totaled 37,611 lots.

Origins of the sugar were expected to include Brazil and Central America.

Wilmar International Ltd and Cofco International, the trading arm of Chinese state-owned food group COFCO were seen as the largest deliverers and origins of the sugar were said to include Brazil and Central America, the traders said. The firms could not immediately be reached for comment.

“The thing that bothers me about this delivery is that it’s the two of the biggest players in Asia (Wilmar and Cofco) - that’s telling you demand in Asia” may be sluggish, one of the traders said. (Reporting by Ayenat Mersie Editing by Marguerita Choy)

Nuestros Estándares:Los principios Thomson Reuters
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below