Sugar #11 Futures Market News and Commentary
October NY world sugar #11 (SBV21) on Monday closed up +0.25 (+1.38%), and Oct London white sugar #5 (SWV21) closed down -1.30 (-0.28%).
Sugar prices on Monday settled mixed, with NY sugar rallying to a 5-month nearest-futures high. NY sugar prices on Monday extended Friday's surge due to frost concerns in Brazil. Somar Meteorologia on Monday said that temperatures are expected to be close to zero degrees Celsius in southern Brazil from July 28-30, increasing the chances of more frost damage occurring.
Sugar prices were already in rally mode after Unica last Friday said the frost impact on Brazil's sugar-cane crop would be "big." Companies were still assessing the damage from the first frost in late June before last week's frost again hit Brazil's sugar crops. According to Rural Clima, parts of South Minas in Brazil saw the coldest temperatures in 27 years.
London sugar on Monday was under pressure from strength in the British pound after GBP/USD climbed to a 1... Read more