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6 months ago
UPDATE 1-Wilmar seen buying record ICE March raw sugar contract
March 1, 2017 / 3:05 PM / 6 months ago

UPDATE 1-Wilmar seen buying record ICE March raw sugar contract

 (Recasts to add Wilmar to paragraph 1; adds trader comment,
background)
    NEW YORK, March 1 (Reuters) - Wilmar International Ltd
bought a record amount of raw sugar against the ICE March
contract that expired on Tuesday, with the sweetener coming from
eight countries, according to exchange data and traders.
    The delivery, worth more than $510 million, was a record for
the March contract on historical data going back to 1989 and
more than double the size of the March 2016 delivery.
    It was more than 1.2 million tonnes, or 23,665 contracts,
ICE Futures U.S. data showed.
    The sole receiver was SG Americas Securities LLC, which
traders said was acting on behalf of Singapore-based trade house
Wilmar.
    This marks the seventh time out of the past eight contracts
that Wilmar has taken delivery against the ICE contract.
    Wilmar did not respond to a request for comment.
    The bulk of the sugar came from Brazil, with the rest from
Argentina, Costa Rica, El Salvador, Guatemala, Honduras, Mexico
and Nicaragua.

 (Reporting by Marcy Nicholson)
  

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