By Stephen Morris Nov. 2 (Bloomberg) -- Raw sugar rose for a fifth day in New York to a 29-year high amid speculation that India may limit exports as it rebuilds inventories. India, the world’s second-largest sugar producer, became the biggest importer last year as adverse weather damaged crops. Stockpiles are at about 4 million metric tons, compared with the nation’s preferred level of 10 million tons, according to Rabobank International. “India is really the big question overhanging the market,” Jake Wetherall, a London-based trader at Rabobank International, said by telephone today. “It looks like India’s going to have a fairly good crop this year -- it should be over 25 million tons for the first time in a few years -- but the question is how much the government decides is going to be made available for export.” Raw sugar for March delivery rose as high as 30.64 cents a pound on ICE Futures U.S. in New York, the highest level since Jan. 15, 1981. The contract was up 0.82 cent, or 2.8 percent, at 30.27 cents at 12:44 p.m. London time. White, or refined, sugar for March delivery gained $16.10, or 2.2 percent, to $751.10 a ton on NYSE Liffe in London. Societe Generale SA raised price forecasts for raw and white sugar, citing lower crop forecasts. Raw sugar in the fourth quarter will be 29.2 cents a pound, up from a Sept. 17 estimate of 17 cents, analyst Emmanuel Jayet wrote in a report e-mailed today. The estimate for white sugar was raised to $744 a ton from $515. Cocoa Gains Estimates of the surplus for the 2010-11 season have been cut to about 2 million tons from January’s forecast of 3 million to 5 million tons, Jayet wrote. Cocoa advanced for the first time in six days before Ivory Coast, the world’s largest grower, announces results of its first presidential election in a decade. Voting took place on Oct. 31, and preliminary results are expected within two days. The country’s economic development has been stunted since a 2002 military uprising led to civil conflict and division between a rebel-held north and a government-controlled south. Ivory Coast relies on cocoa for more than a quarter of its export earnings. Cocoa for December delivery rose 14 pounds, or 0.8 percent, to 1,856 pounds ($2,973) a ton in London. The chocolate ingredient for December delivery gained $31, or 1.1 percent, to $2,790 a ton in New York. Robusta coffee for January delivery climbed $17, or 0.9 percent, to $1,945 a ton on NYSE Liffe. Arabica coffee for December delivery added 2.15 cents, or 1.1 percent, to $1.9985 a pound in New York. --With assistance from Pauline Bax, Monica Mark and Olivier Monnier in Abidjan, and Claudia Carpenter in London. Editors: Dan Weeks, Claudia Carpenter. To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net. To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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