Sugar #11 Futures Market News and Commentary
Mar NY world sugar #11 (SBH20) on Friday closed up +0.02 (+0.14%) and Mar London white sugar #5 (SWH20) closed down -0.20 (-0.05%).
Sugar prices finished mixed on Friday as prices consolidated just below Thursday's 2-year highs. Sugar prices have rallied sharply this week on the outlook for smaller global sugar supplies. Sugar prices found support on smaller sugar output in India, the world's second-largest sugar producer, after Friday's data from India's Sugar Mills Association showed India sugar production from Oct 1-Jan 15 dropped -26% y/y to 10.89 MMT. Unica on Tuesday reported that Brazil's Center-South sugar production in the second half of December plunged -82.4% y/y to 13,000 MT versus 73,000 MT in the same period last year, although 2019/20 Center-South sugar production through Dec is up +0.53% y/y at 26.481 MMT.
Recent data from Conab was supportive for sugar prices since it suggested tighter future sugar supplies. Conab on Dec 19 cut its Brazil 2019/20 sugar... Read more