Raw sugar futures closed lower on ICE this Monday, 13, despite oil prices having returned to rise above $100 per barrel, following the failure of peace negotiations between the United States and Iran over the weekend. The raw sugar contract expiring in May fell 0.5%, to 13.68 cents per pound, after initially recovering from Friday's drop. Despite some good news for sugar, the general expectation is that the market will register a surplus this season, limiting gains. Brazil's ethanol manufacturers said on Friday that they are ready to increase production if the government, as planned, increases the ethanol blend mandate to 32% in the first half of the year. However, a tightening is expected next season, as the El Nino weather phenomenon is expected to develop from mid-year. India, the ...