Sugar #11 May '23 (SBK23)
Sugar #11 Futures Market News and Commentary
May NY world sugar #11 (SBK26) on Friday closed up +0.33 (+2.43%), and Aug London ICE white sugar #5 (SWQ26) closed up +7.80 (+1.82%).
Sugar prices extended this week's rally on Friday, with NY sugar posting a 1-week high and London sugar posting a 2-week high. Â Recent strength in the Brazilian real (^USDBRL) has fueled short covering in sugar futures. Â The real rallied to a 2-year high against the dollar on Thursday, discouraging export sales by Brazil's sugar producers.
The outlook for smaller Brazilian sugar output is supportive of prices. Â The USDA on Tuesday forecast Brazil's 2026/27 sugar production at 42.5 MMT, down -3% y/y, citing millers crushing more cane for ethanol than for sugar.
Signs of a smaller global sugar surplus are also supportive for prices. Â Covrig Analytics on Tuesday cut its 2026/27 global sugar surplus estimate to 800,000 MT from 1.4 MMT previously. Â On Monday, sugar trader Czarnikow cut its 2026/27 global sugar surplus estimate to 1.1 M... Read more
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