DJ MARKET TALK: ICE Sugar Moves Higher; Retail Sales Support
Published: 03/12/2010, 3:55:02 PM
DJ MARKET TALK: ICE Sugar Moves Higher; Retail Sales Support 1045 EST [Dow Jones] - ICE world raw sugar futures are trading near intraday highs as the market corrects from its recent collapse. May sugar is up 33 points at 19.60, after touching a high of 19.99. Expectations for strong consumer demand are lifting commodities as February retail sales rose amid forecasts for a decline, says Spencer Patton, chief investment officer at Steel Vine Investments in Chicago. Expectations for strong incoming Brazilian supplies are over-confident, and any production news could rally sugar, Patton says. May will likley reach 23 cents by the end of the month, he says. Liffe May sugar is up $13.70 at $545.40 a ton. (HEH) Contact us at 212-416-2138 or holly.henschen@dowjones.com (END) Dow Jones Newswires 03-12-10 1049ET Copyright (c) 2010 Dow Jones & Company, Inc. DJ info: 83928 N/DJCS,N/DJOS,N/OSAG,N/OSCM,N/OSOV,N/OSTR,N/ALMT,N/CMD,N/CMM,N/DJMT,N/DJWI,N/MK ,N/SCD,N/SGR FSN3928 ACOTV COMMENTS FOOD SUGAR 2010-03-12 15:49:34 UTC ^^^^^^