Central American trade focuses on Guatemala
Published: 03/11/2010, 8:29:51 AM
Physical trading was modest this week in the cash sugar markets of Colombia, Mexico and Central America, but Guatemalan exports increased amid a growing shortfall in Mexico, according to Dow Jones.
"There has been some decent physical business going on, but most of the activity has been in the shipping area, with a lot of cargos from Guatemala to Mexico dominating business," said one US trader from the New York market.
Guatemalan sugar industry officials this week confirmed that exports to Mexico from the 2009/10 harvest had reached close to 200,000 metric tonnes, most of which had been shipped in the last two months.
"All the shipments from Guatemala have so far been through private buyers and middlemen coming across the border from Mexico and trying to take advantage of the high prices in the domestic market, said one Guatemalan exporter.
Cash differentials for bids and offers against New York futures prices from most origins in the region appreciated by about 2 cents per pound against the weaker futures prices, but were still mostly quoted at modest discounts.