New York sugar ends

Raw sugar futures settled mixed on Friday as the market consolidated near a four-month top, with brokers saying the sweetener's direction depends on what investment funds want to do next. New York Board Of Trades benchmark October contract slipped 0.02 cent to end the open-outcry session at 10.30 cents per lb. after trading 0.23 to 10.49 cents.
On Thursday, it finished at 10.32 cents in the highest close for a spot month since mid-March. March rose 0.05 to 10.75 cents. The rest ranged from 0.03 cent firmer to 0.01 cent softer.The more actively traded IntercontinentalExchange NYBOT electronic platform for sugar showed the key October contract likewise off 0.02 cent at 10.30 cents at 1:17 pm.
"It looks like it will be staying near these highs. It really depends on the funds if they want to push October close to 11 cents because there's a lot of producer selling waiting out there," a floor broker said. Sugar staged a rally due to the spreading belief that a sizzling surge in crude oil prices may tempt producers to funnel more cane into the manufacture of the biofuels ethanol.
The market has also been boosted by talk of possible consumer buying and recent rains in Brazil, which may lead to tighter supplies, analysts said. However, that was offset by a supply glut due to bumper crops in Brazil and leading consumer India.
The market popped up to its session high, but origin sales beat it back and speculators who had gone along for the ride liquidated positions ahead of the weekend, dealers said. Technicians put resistance for October delivery at 10.50 cents, with support in the area of 10.21 to 10 cents.
Volume in the open-outcry pit around noon was 8,143 lots, from the previous 37,352 lots. Call volume was 11,006 lots and puts stood at 10,701 lots. Screen trade on Thursday was 142,150 lots and total volume was 179,502 lots. Open interest in the raw sugar market soared 11,576 lots to 679,240 lots as of July 19.
No deals were done in the ethanol market. The US domestic electronic sugar market was softer. The November contract shed 0.03 cent to 21.38 cents by 1:18 pm Screen volume in the No 14 domestic sugar market on Thursday was 744 lots and no lots were traded in the pit.