US MIDDAY: sugar falls to six-week low

CSCE raw sugar prices extended their slide to a six-week low as a large crop from top-sugar grower Brazil weighed on market sentiment.
A report released Tuesday by the International Sugar Organisation (ISO) also contributed to the bearish mood, by predicting limited upside for prices in the 2004/2005 crop cycle because the supply deficit will not be as high as many had speculated.
CSCE active July sugar settled down 0.09 cent, or 1.4 percent, at 6.29 cents a lb. It traded from 6.52 to 6.27, its lowest price since March 29.
October fell 0.09 cent to 6.67 cents and back months went down 0.01 to 0.04. Estimated volume was 42,348 contracts, off from Monday's official 43,689-lot pace. Some traders were out of the market for travel to New York for Wednesday's Sugar Club dinner.
Support in CSCE July sugar was pinpointed at 6.15 and 6.04, with resistance pegged at 6.54, 6.65 and 7.25 cents.