Sugar #11 Futures Market News and Commentary
Oct NY world sugar #11 (SBV23) on Friday closed +0.04 (+0.15%), and Dec London white sugar #5 (SWZ23) closed -2.00 (-0.27%).
Sugar prices on Friday settled mixed. Sugar prices had carryover support from Thursday after the head of commodities at ED&F Man said India is unlikely to export sugar in the 2023/24 season that begins October 1 to ensure adequate domestic supplies.
Sugar prices fell back from their best levels Friday, and London sugar turned negative after commodity trader Sucden projected Brazil's 2023/24 sugar output would climb +19.8% y/y to 40.4 MMT.
Over the past few weeks, sugar prices have risen sharply, with NY sugar posting a 12-year nearest-futures high Tuesday and London sugar posting a 12-year high last Thursday, on concern about smaller global sugar production. On September 5, Alvean, the world's largest sugar trader, said it expects a 2023/24 global sugar deficit of -5.4 MMT, the sixth year of shortages, as India may curb sugar exports and Th... Read more