February 28, 2018 / 7:23 PM / 10 months ago

UPDATE 1-Alvean, Wilmar seen buying ICE March raw sugar delivery -traders

(Adds details, background)

NEW YORK, Feb 28 (Reuters) - Trade houses Alvean and Wilmar International Ltd have scooped up about 742,500 tonnes of raw sugar against the March futures contract on ICE that expired on Wednesday, three traders said.

That would be slightly smaller than the 1-million-tonne delivery traders were expecting prior to the last day of trade, and would mark the smallest against the ICE Futures U.S. contract since May 2016, according to exchange data reviewed by Reuters.

The sugar was due to be delivered by several trade houses from origins including Brazil and Guatemala, the traders said. Neither company could be reached immediately for comment.

Alvean was seen buying about 7,945 lots and Wilmar receiving about 6,670 lots, the traders said.

Singapore’s Wilmar has developed a strategy of sourcing sugar through the physical deliveries against the futures contract since first buying an ICE delivery in March 2013. Alvean, a joint venture between agribusiness Cargill Inc and Brazilian sugarcane cooperative Copersucar, has emerged as a buyer of recent expiries.

The exchange was due to publish the official data on the delivery on Thursday.

The March contract on ICE jumped 0.51 cent, or 3.6 percent, to finish at 13.48 cents per lb on its final day of trade. That put it at a premium of 0.10 cent per lb above the May futures contract. (Reporting by Chris Prentice Editing by Susan Thomas and James Dalgleish)

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