11 April 2013 18:33 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Spot prices for US liquid and crystal sorbitol have fallen amid lower corn prices, sources said on Thursday.
Liquid sorbitol prices in the spot market were assessed lower by 2 cents/lb ($44/tonne, €34/tonne) putting the spot range at 39.50-45.25 cents/lb, as sources said prices were trending lower because corn prices had pulled back.
The liquid form of sorbitol continues to comprise about 80% of the market.
Prices for crystal sorbitol, which represents about 20% of the market, also were assessed lower by 2 cents/lb to a spot range of 97.58-106.20 cents/lb.
All US Gulf (USG) sorbitol prices are on a bulk FOB (free on board) basis. Drums are assessed 5-7 cents/lb higher.
Corn futures have steadily declined since last August when prices reached a record high.
The worst drought in five decades last summer reduced corn yields at harvest and sent futures to a record-high of $8.49/bushel in August 2012.
Sorbitol, a sugar alcohol produced in the US from corn, is a sugar substitute often used in diet foods - including diet drinks, ice cream, sugar-free chewing gum, mints and cough syrups.
The sorbitol market is expected to grow by 2-3% in 2013.
US sorbitol producers include Archer Daniels Midland (ADM), Ingredion and Roquette America.
($1 = €0.77)
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