Heavy Selling Pressure In Sugar (SGG)

Sugar futures, along with the ETF that tracks the commodity, have plunged today. Pakistani Minister for the Interior Rehman Malik has issued a two-day ultimatum giving so called "sugar hoarders" a chance to "release the commodity in the market" before "the government takes the hoarders to task." This development is clearly having an effect on the sugar market during Wednesday's trading session. Sugar futures have plunged 6.95% to $30.53. The iPath Dow Jones-UBS Sugar ETN SGG is currently trading 10.04% lower at $87.30.