Sugar #11 Futures Market News and Commentary
October NY world sugar #11 (SBV21) on Monday closed up +0.04 (+0.22%), and Oct London white sugar #5 (SWV21) closed up +1.60 (+0.36%).
Sugar prices on Monday closed slightly higher as they consolidate last Friday's sharp losses. Sugar prices rose modestly Monday as the market awaits reports on how much damage was caused to Brazil's sugar cane crops from last week's frost. Maxar said today that warmer-than-normal temperatures are expected for Brazil over the next two weeks and that any additional frost risks have been pushed back toward the end of this month.
NY sugar prices last Thursday rallied to a 5-month nearest-futures high after Unica recently said the frost impact on Brazil's sugar-cane crop would be "big." Brazil's sugar crops were hit by a frost in late June and then again in late July.
Unica reported last Tuesday that Brazil’s Center-South sugar output fell -2.84% y/y in the first half of July to 2.944 MMT.A surge in shipping contract rates by +37% th... Read more