Sugar Prices May Soon Move Based On This Year's Beet Crop
By Hard Assets Investor: Northern Hemisphere beet crops are critical to future sugar prices.Sugar prices began an explosive bull run in June 2010. By February 2011, prices had more than doubled from 14 cents a pound to 36 cents a pound. Concerns of a supply deficit fueled the rise, and uncertainty over Brazil's crop, by far the world's largest exporter, kept traders on edge. The result was sustained volatility.For most of 2011, prices ranged widely between 22 to 31 cents a pound. During the past four months, prices found a more restricted trading range of between 24 and 26 cents a pound.Nervous traders pummeled the ICE Futures benchmark No. 11 contract on Monday. Prices for the nearby May delivery fell by almost 3 percent to 24.78 cents a pound on concerns of a firming dollar and a possible increase of Indian exports.
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According the USDA, total world productionComplete Story »