Sugar #11 Jul '22 (SBN22)
Sugar #11 Futures Market News and Commentary
July NY world sugar #11 (SBN26) on Friday closed down -0.13 (-0.91%), and Aug London ICE white sugar #5 (SWQ26) closed down -2.30 (-0.51%).
Sugar prices settled lower on Friday amid weakness in crude oil and the Brazilian real. WTI crude oil (CLN26) fell more than -3% on Friday, undercutting ethanol prices that could prompt the world’s sugar mills to divert more cane crushing to sugar production rather than ethanol, thus boosting sugar supplies. Also, the Brazilian real (^USDBRL) tumbled to a 1.75-month low against the dollar on Friday, encouraging export sales from Brazil’s sugar producers.
The outlook for ample global sugar supplies is bearish for prices. Last Wednesday, Unica reported that 2026/27 Brazil Center-South sugar production in April rose +55.3% y/y to 2.475 MMT, driven by higher yields, with sucrose per ton of cane at 112.58 kilograms, up +5.4% from the same time last year.Â
Strength in Thailand’s sugar exports, the world’s second-largest, is also be... Read more
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