Commodities : Sugar Futures Off Sharply

Sugar futures were sharply lower Wednesday on the Coffee, Sugar and Cocoa Exchange in New York, retracing a portion of a sharp advance over the past two weeks.

The October contract had advanced to 5 cents a pound from about 2.8 cents a pound in the past two weeks, establishing a change in the bearish sentiment of the market, according to Rick Lorusso, a sugar analyst in New York with Shearson Lehman Bros.

Lorusso said a significant factor in the rally was a report that Brazil and the Philippines might defer shipments of sugar into 1986. He added that prices had been “too low too long” prior to the rally.

Grain and soybean futures prices were higher at the close of trading Wednesday on the Chicago Board of Trade.

Much of the buying was done by traders who had sold contracts in previous sessions and were buying them back to take profits, said Chris Stewart, vice president with Merrill Lynch Futures Inc. in New York.

Livestock and meat prices were mostly lower on the Chicago Mercantile Exchange.