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Sugar #11 Mar 21 (SB=F)

NYBOT - NYBOT Delayed Price. Currency in USX
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16.42-0.25 (-1.50%)
As of 9:50AM EST. Market open.
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Pre. SettlementN/A
Settlement Date2021-02-26
Open16.67
Bid16.42
Last Price16.67
Day's Range16.27 - 16.71
Volume36,091
Ask16.43
  • Cargill Is in Talks to Exit Global Sugar Trading Business
    Bloomberg

    Cargill Is in Talks to Exit Global Sugar Trading Business

    (Bloomberg) -- Cargill Inc. is in talks to exit its global sugar trading business as the top agricultural commodities firm seeks to focus on food processing and meat.The Minneapolis-based company is in negotiations to sell its 50% stake in Alvean, the world’s largest sugar trader, to Brazilian partner Copersucar SA, according to a statement from Copersucar. Cargill deferred to Copersucar for a comment. The deal, if successful, is expected to be announced in the first quarter, according to people familiar with the matter who asked not to be named because the information is private.“Both shareholders are discussing an agreement in which Copersucar will become the sole owner, acquiring Cargill’s shares in Alvean,” Copersucar said in the statement. “As soon as a deal is concluded, we will communicate.”Cargill, one of America’s biggest closely held companies, has been changing its business to focus on food-processing and meat as agricultural commodity traders struggled to make money in recent years. The firm, which has become less of a traditional trading company, is the third-largest U.S. beef producer and it has been expanding its protein unit abroad.The move comes six years after Cargill and Copersucar formed their joint venture, which is led out of a trading office in Geneva. In 2019-2020 it accounted for about 20% of global sugar shipments. While prices are now near the highest levels since 2017 as supplies tighten and investors flock to commodities, sugar traders grappled for years with bumper crops that depressed the volatility they need to thrive.Cargill’s exit follows a similar move by rival Archer-Daniels-Midland Co. Bunge Ltd., which formed a joint venture with BP Plc for sugar and ethanol, has also said it plans to exit the business eventually. While Louis Dreyfus Co. still has a sugar-trading desk, it is also in negotiations to sell its Brazilian mills to Raizen SA, the South American nation’s biggest producer.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Reuters

    Cargill in talks to exit sugar trading JV Alvean, says Copersucar

    Global commodities trader and food processor Cargill is in talks with Brazil's Copersucar to exit their sugar trading joint-venture Alvean, the Brazilian company said in a statement on Wednesday. Cargill is negotiating to sell its 50% share in the JV to Copersucar, which would become the sole owner of the business.

  • Reuters

    Chinese sugar import deals dwindle as bonded warehouses stocks swell

    Sugar traders in China, one of the world's top buyers of the sweetener, have sharply cut their overseas purchases as their import profits dry up and excess sugar piles up in the country's bonded warehouses. China likely imported nearly 5.5 million tonnes of raw sugar last year, market sources say, around 2 million tonnes more than a year earlier and much of it surplus to the country's consumption requirements. The surplus, they say, has piled up in bonded warehouses and will take some time to work off, with lower imports likely this year overall and very few orders expected this quarter - a move that could cap global raw sugar prices.