Sugar falls to seven-month lows after Reuters exclusive on India cancellations

Benchmark New York sugar futures fell to a 7-month low on March 10 after Reuters exclusively reported that some importers in India, the worlds top buyer, backed out of deals totalling 100,000. After getting a whiff of some importers turning back on deals, a Reuters corresponden persuaded top millers, traders and analysts to share some more details. Confirming the development, a number of market players said if prices did not improve, buyers could renege on deals of another 500,000 tonnes. Barclays quoted Reuters in its research report. CNBC also said, quoting Reuters, that the exclusive was the key reason behind the steep fall in New York-traded sugar.