Sugar #11 Oct '21 (SBV21)
Sugar #11 Futures Market News and Commentary
July NY world sugar #11 (SBN21) on Thursday closed up +0.24 (+1.44%), and Aug London white sugar #5 (SWQ21) closed up +3.20 (+0.76%).
Sugar prices on Thursday closed moderately higher, with NY sugar at a 1-week high. Strength in the Brazilian real (^USDBRL) lifted sugar prices after the real climbed to a new 1-year high against the dollar. The stronger real discourages export selling by Brazil's sugar producers.
Sugar has support on strength in crude oil, which climbed to a new 2-1/2 year high Wednesday. Strength in crude oil benefits ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward ethanol production rather than sugar production, this reducing sugar supplies.
Expectations for smaller Brazil Center-South sugar production are also favorable for prices with the consensus for Brazil Center-South first half of Jun sugar-cane crush of 40.2 MMT and sugar production at 2.55 MMT. The sugar production data by Unica will be release... Read more
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