Sugar #11 May '29 (SBK29)
Sugar #11 Futures Market News and Commentary
July NY world sugar #11 (SBN26) on Thursday closed up +0.13 (+0.97%), and Aug London ICE white sugar #5 (SWQ26) closed down -0.10 (-0.02%).
Sugar prices settled mixed on Thursday as they consolidated above Monday’s 2-month lows. On Monday, NY sugar fell to a 2-month low as the reopening of the Strait of Hormuz eased global supply disruptions. The reopening of the strait should also reduce global shipping rates, insurance costs, and fuel prices, thereby lowering sugar importers’ costs. Also, recent dollar strength has undercut sugar prices after the dollar index ($DXY) rallied to a 13-month high on Wednesday.
Losses in sugar are contained amid concerns that weak monsoon rains in India will lower sugar yields and reduce the country’s sugarcane harvest, the world’s second-largest. India’s Meteorological Department reported on Wednesday that India’s cumulative monsoon rainfall was 42% below normal as of June 24. India’s Earth Science Ministry warns that this year’s monso... Read more
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