US MIDDAY: sugar plunges on trade sales

Raw sugar futures finished lower Thursday on trade sales and late speculative liquidation by investors trying to get out of the spot May contract before it expires tomorrow, brokers said. The New York Board of Trade's May raw sugar contract stumbled 0.13 cent to close at 8.45 cents a lb, dealing between 8.42 and 8.58 cents. July shed 0.06 to 8.54 cents. Back months declined 0.01 to 0.06 cent. On switch trade, open interest in May slid 5,107 contracts to 9,732 lots as of April 27.
Brokers feel open interest at the Friday expiration will likely range from 1,000 to 2,000 lots. "It could even be lower," one trader said.