Raw sugar futures closed lower Thursday on trade and producer sales as the market pulled back after surging to a 3-1/2 month high, but most players feel the outlook for the sweetener remains bullish in the days ahead. The New York Board of Trade's March raw sugar contract fell 0.08 cent to conclude at 9.22 cents a lb, ranging from 9.12 to 9.30 cents.
On Wednesday, the contract closed at 9.30 cents in the best close for sugar on a spot weekly basis since ending at 9.32 cents on October 12, 2004. The second position May sugar contract shed 0.07 cent to close at 9.51 cents. The rest lost 0.01 to 0.06 cent.