(Updates with prices, details)
NEW YORK, Sept 30 (Reuters) - Singapore agribusiness Wilmar International was seen the sole buyer of about 175,000 tonnes, or 3,439 lots, of raw sugar to be delivered against the ICE Futures U.S. contract that expired on Monday, four traders said.
That would be the smallest physical delivery of raw sugar against an ICE October contact since 2011, according to exchange data compiled by Reuters. The sugar, worth about $46 million based on Monday’s closing price, was expected from origins in Central America, three of traders said.
The small expiry and absence of sugar from Brazil were “supportive” to prices, one of the dealers said. Cane millers in the world’s top exporter have been focusing on producing ethanol, rather than sugar, from their cane due to relative higher pricing.
The exchange was expected to publish official data on the delivery on Tuesday. A spokesperson for Wilmar did not respond immediately to request for comment.
The October contract settled up 3.4% at 11.92 cents per lb, a discount of 0.73 cent to the most-active March contract. Nearby supplies in the cash market are available, though the market is moving toward a deficit in the upcoming crop year, the traders said.
Reporting by Chris Prentice