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Thread: Shoogar

  1. #1
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    Default Shoogar

    Last week Irwin Harlton posted on facebook that JP Morgan had just purchased a million metric tons of sugar on the commodities market. Apparently that is 10% of the US supply. I would guess that oil prices are driving future increases.

  2. #2
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    Default Re: Shoogar

    I heard or read somewhere that although Morgan did purchase the sugar It was for one or more of there customers, or do to what ever the customers were trying to do, if that makes any sense. but I'm sure they will sell it if you offer enough money for it.
    mike syracuse ny
    I went to bed mean, and woke up meaner. Marshal Dillon

  3. #3
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    Default Re: Shoogar

    Do you mean that they are taking delivery of the product? I assumed this was a purchase on the futures market, in other words on paper only, a bet that prices will rise enough to sell the paper at a profit.

  4. #4
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    Default Re: Shoogar

    Cargill took delivery per Business Week magazine.

    Wayne

  5. #5
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    Default Re: Shoogar

    Thanks for the link Wayne. That is staggering. Taking delivery will impact the market more than futures papers, guessing.

  6. #6
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    Default Re: Shoogar

    see I was correct they are more than willing to sell it to you. It came from Brazil, I always thought the U.S. sugar market was protected from imports, guess I was wrong or it changed.
    mike syracuse ny
    I went to bed mean, and woke up meaner. Marshal Dillon

  7. #7
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    Default Re: Shoogar

    Found this from last August gives some background on what is going on. Cargill never loses money they are a very shrewd (choosing my words carefully here) family owned business. My take is it is just one more chapter in the overall story of rising food prices. Population grows, affluence grows, acreage is lost to development and technological gains in production are not able to keep pace. The good news? Honey ain't going down folks.http://online.wsj.com/article/SB1000...521195772.html
    "People will generally accept facts as truth only if the facts agree with what they already believe."- Andy Rooney

  8. #8
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    Clear Lake, WI / Sebring, FL
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    Default Re: Shoogar

    The bad news is Honey should be higher than what it is.

  9. #9
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    Mar 2011
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    Polk County, Ar. USA
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    Default Re: Shoogar

    Our local farm supply store buys broken bags of sugar from candy companies and keeps it for our local beekeepers. It is good clean sugar but they are not allowed to use it because of the broken bags. We can buy it for $12 for a 40lb 5 gal bucket. Good for hobbyists.

  10. #10
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    Grafton, Ohio, USA
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    Default Re: Shoogar

    Quote Originally Posted by Trevor Mansell View Post
    The bad news is Honey should be higher than what it is.
    Thanks to imports at basement rates and less than ethical packers!!!!

  11. #11
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    Oregon City, Oregon
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    Default Re: Shoogar

    Thanks to imports at basement rates and less than ethical packers!!!!
    and beekeepers who continue to sell to those packers
    Honeydew

  12. #12
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    Feb 2008
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    Auger Hole, MN
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    Default Re: Shoogar

    Many food processors are running from Corn Syrup and touting sugar as if its makes any real difference as an ingredient. That may be playing a role too in demand for sugar

  13. #13
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    souris, manitoba, canada
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    Default Re: Shoogar

    "as if its makes any real difference as an ingredient."
    The sugar ingredient or industrial market is huge,and from what I have read corn syrup is utilized differently by the human body than sugar. Sugar is supposedly better for you and from what I read bees fed on sugar live longer than bees fed on corn syrup.But the almighty dollar is king around here this spring and I will be buying some corn syrup to feed my bees

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