New York and London were lower and made new lows for the move. The potential for a big increase in production and Sugar available to the market this year after a short year last year continues to be the overriding issue in the minds of traders. Demand should see a short term increase soon as Ramadan is ending. That could create some new buying interest as stocks in Moslem countries are probably a little low. However, the market remains more interested in the production potential now in Brasil and in a few months from northern countries and also India and Thailand. Ideas are that world Sugar production will be higher as long as Brazil keeps the current production mix together.
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