Sugar #11 Futures Market News and Commentary
March NY world sugar #11 (SBH24) on Friday closed +0.33 (+1.43%), and March London ICE white sugar #5 (SWH24) closed +8.30 (+1.28%)
Sugar prices Friday posted moderate gains after India's Food Secretary projected India's 2023/24 sugar cane output would fall -12 % y/y to 434.8 MMT.
Sugar prices Thursday slumped to a 5-month low on easing sugar supply concerns. Sugar prices have sold off sharply over the past week after Conab last Wednesday raised its 2023/24 Brazil sugar production estimate by +15% to 46.9 MMT from an August estimate of 40.9 MMT.
Brazil has ramped up its sugar production this year as Unica last Monday reported that Brazil Center-South sugar output in the first half of November rose +30.9% y/y to 2.19 MMT and that sugar output in the 2023/24 crop year through mid-November rose +23.1% y/y to 39.412 MMT. Also, 49.41% of the crushed sugarcane was used for sugar production this year, an increase from 45.97% last year. Meanwhile, Brazil exported 3.7... Read more