Sugar futures turn lower on better-than-expected Brazil crop outlook - November 1, 2011
Wednesday November 02 2011
Raw sugar futures in New York reversed from a brief advance into positive territory and eventually closed with losses of nearly 2% after Brazil's top industry association released an updated forecast for the current 2011/12 crush that included a higher production forecast than several market participants had expected.
The market also digested the news that Greece will hold a referendum on the latest EU bailout deal, whose outcome may result in unforeseeable developments.
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