New York and London were higher on press reports that the US and Mexico were very close to an agreement in the Sugar dispute between the two countries. In fact, the two sides announced an agreement in principle during the session that would limit the export of refined Sugar to the US to 30% of total exports of Sugar by Mexico to the US. There are still some details to be worked out, but the overall agreement is now set and appears to be a good one for both sides. Ideas are that world Sugar production will be higher as long as Brazil keeps the current percentages of Sugar and Ethanol production, and might increase, anyway, as Brazil should have produced more Sugarcane this year.
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