Oct. 24 (Bloomberg) -- The premium buyers are prepared to pay for sugar from Thailand, the second-largest shipper, climbed as much as 44 percent over the past week on speculation floods will delay the crop, according to Swiss Sugar Brokers.
Thailand’s sugar for loading in January and February was 1 cent to 1.15 cents a pound above the March 2012 futures contract on ICE Futures U.S. in New York, Swiss Sugar said in a report dated Oct. 22. That compares with a premium of 0.8 cent a pound last week, Naim Beydoun, a broker at the Rolle, Switzerland-based company, said in an e-mail today.
“Thai sugar is witnessing more interest, in particular for the earliest shipments in January and February,” Beydoun wrote in the report.
Thailand may delay cane crushing by two to three weeks, the Thai Sugar Trading Corp., the nation’s biggest shipper, said last week. Rain caused flooding in 62 of 77 provinces, the Department of Disaster Prevention and Mitigation said.
Raw sugar for March delivery rose 1.5 percent to 26.88 cents a pound by 10:17 a.m. on ICE Futures U.S. in New York.
-- With assistance from Supunnabul Suwannakij in Bangkok. Editors: Claudia Carpenter, Dan Weeks
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at Ccarpenter2@bloomberg.net.