Sugar #11 Futures Market News and Commentary
May NY world sugar #11 (SBK20) on Friday closed up +0.18 (+1.20%), and May London white sugar #5 (SWK20) closed up +3.20 (+0.88%).
Sugar prices pushed higher Friday on U.S. sugar beet crop concerns after the American Sugarbeet Growers Association said adverse weather may delay U.S. 2020/21 sugar beet plantings. The U.S. 2019/20 beet crop fell -9.3% y/y to a 9-year low of 8.158 MMT.
Sugar futures rallied sharply over the past month to a 2-3/4 year high last Wednesday on concern about future global supplies. Thailand's Office of the Cane and Sugar Board reported Wednesday that Thailand's sugar production from Dec 1 through Feb 15 was 7.4 MMT, down -14.0% y/y. A drought in Thailand, the world's fourth-biggest sugar producer, is slashing the country's sugar output. The Thailand Meteorological Department said this year's drought in Thailand is the worst in 40 years. The Thai Sugar Millers Corp said Feb 7 that Thailand's 2019/20 sugar production might drop -35% y/y to 9 MMT... Read more