Sugar buyers rush to secure shipments from Brazil

International sugar buyers are rushing to secure increasingly scarce supplies from Brazil, the main exporter of the commodity, after atypical weather damaged the sugarcane crop for the second consecutive year and left the world market in deficit. By Bloomberg Ships expect to load more than 2.9 million tonnes of sugar at Brazilian ports, according to data from Williams Brazil compiled on Aug. 24. That's almost double the volume a year ago. China is the biggest buyer, according to estimates by trading company Czarnikow. Buyers need raw sugar immediately and there are few sellers, which drives up prices on the spot market, according to Arnaldo Correa, a partner at Archer Consulting in São Paulo. More expensive sugar is likely to put pressure on food prices, which this year hit record highs. Goldman Sachs this week recommended investing in commodities, as most of the recession risks worrying global markets are overblown in the short term. Raw materials are expected to recover amid a ...