Nov. 29 (Bloomberg) -- The premium buyers are prepared to pay for raw sugar in top global producer Brazil fell over the past week as supplies continued to outpace demand, according to local broker and consultant SA Commodities.
Raw sugar for loading next month at ports in the Center South, the country’s main producing region, was at a premium of 0.3 cent to 0.4 cent a pound to the March contract on ICE Futures U.S. in New York yesterday, data from the broker show. That compares with 0.5 cent on Nov. 23 and 0.65 cent on Nov. 22, according to its figures.
The “balance between bids and offers is weighing up to the buyer’s side,” Luiz Carlos dos Santos Jr., head of sugar brokerage and operations at Santos, Brazil-based SA Commodities, wrote in a report e-mailed yesterday.
Global supplies of the sweetener will outpace demand by 4.5 million metric tons in the 2011-12 season that started last month, according to the London-based International Sugar Organization.
White, or refined, sugar for March delivery fell 0.8 percent to $596.10 a ton by 9:04 a.m. on NYSE Liffe in London. Raw sugar for March delivery slid 0.7 percent to 22.96 cents a pound on ICE.
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