Sugar Heads to 28-Year High on India Imports as Crop Declines



By Shruti Date Singh














May 7 (Bloomberg) -- Sugar prices may reach a 28-year high
as a plunge in India’s harvest creates a global production
deficit.


Raw sugar jumped 30 percent this year, in the biggest rally
since 2005, and rose to 15.41 cents a pound on ICE Futures U.S.
in New York yesterday, the highest level since July 2006.
Michael McDougall, a senior vice president at Newedge USA LLC,
said prices may gain another 30 percent in the last quarter of
2009 and the first quarter of next year to as much as 20 cents,
the highest since 1981.


[url="http://bloomberg.com/apps/quote?ticker=US43COIN%3AIND">India, the largest consumer, will boost