Sugar futures climbed the most in two weeks on concern Russia’s beet production will drop because of a prolonged drought. Cocoa prices declined, and coffee was little changed.
Russian sugar-beet output may trail forecasts by as much as 20 percent, the nation’s Sugar Producers’ Union said. The country may import about 1.8 million metric tons of raw sugar in 2011, the same amount as this year. Futures in New York tumbled 6.1 percent in the previous three sessions, partly on forecasts for higher production in Brazil and India.
“The Russian news is providing some support to the market,” said Adam Klopfenstein, a senior market strategist at Lind-Waldock, a broker in Chicago. “The sell-off has been overdone.”
Raw sugar for October delivery gained 0.83 cent, or 4.7 percent, to close at 18.56 cents a pound at 2 p.m. on ICE Futures U.S. in New York. The price has tumbled 31 percent this year.
Refined-sugar futures for October delivery increased $10.60, or 2 percent, to $534.70 a ton on the Liffe exchange in London.
Cocoa futures for September delivery fell $109, or 3.6 percent, to close at $2,930 a ton in New York, marking the biggest drop since July 19. Earlier, the price touched $2,907, the lowest level since July 22.
Exports from the Ivory Coast, the world’s biggest producer, climbed 40 percent in June, according to data supplied by the ports of Abidjan and San Pedro. President Laurent Gbagbo said last week that farmers can double their output of cocoa and coffee without hindering planting of local staple crops.
In London, cocoa futures for September delivery fell 62 pounds, or 2.8 percent, to 2,123 pounds ($3,371) a ton.
In New York, arabica-coffee futures for September delivery were little changed at $1.6965 a pound. On Liffe, robusta-coffee futures for September delivery fell $16, or 0.9 percent, to $1,708 a ton.
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