(ZEROHEDGE) – The world is facing what appears to be a sugar shortage. A lack of deliverable sugar ahead of Friday’s expiry has sent the white-sugar futures contract for May to its highest level in over a decade.
John Stansfield, a senior sugar analyst at DNEXT Intelligence, told Bloomberg that the number of contracts to be closed, also known as open interest, implies a large delivery above 880,000 tons, adding those with short positions “don’t have the physical sugar to tender.”
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White-sugar futures have surged nearly 20% in the last three weeks, hitting levels not seen since November 2011.
