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USA: Sugar buyers retreat amid high freight prices, drive down diffs -BP Bunge

High transoceanic freight prices caused sugar consumers around the world to pause their buying and use stocks, leading to a temporary glut of the sweetener in the main export port of Santos, Brazil, that drove down price differentials.

According to BP Bunge Bioenergia, the sugar and ethanol venture owned by BP Plc and Bunge Ltd, Brazilian sugar was sold at times at a discount to New York raw sugar futures in July, instead of the conventional premium over futures, as many sugar importers left the market.