Sugar #11 Mar '23 (SBH23)
Sugar #11 Futures Market News and Commentary
October NY world sugar #11 (SBV26) on Friday closed down -0.22 (-1.31%), and October London ICE white sugar #5 (SWV26) closed down -6.70 (-1.29%).
NY and London sugar prices on Friday saw some apparent pre-weekend long liquidation pressure after both contracts rallied to 1.25-year nearest-futures highs on Wednesday.
Sugar prices saw underlying support after Czarnikow, in a report released Friday, predicted a 2027/28 global sugar deficit of 2.9 MMT due to lower sugar cane and sugar beet plantings. The group forecast that 2027/28 global sugar production will fall -0.7% yr/yr to 177 MMT, driven mainly by weather disruptions in India, the EU, and Thailand.
Due to drought and hot weather in Europe, sugar production in the European Union and the UK is set to decline to 14.98 MMT this year, the lowest level in 11 years, according to data from S&P Global Energy.
India’s Meteorological Department reported Thursday that India’s cumulative monsoon rainfall (June-Sep) w... Read more
Walsh Trading · 36 minutes ago
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