Sugar #11 Jul '23 (SBN23)
Sugar #11 Futures Market News and Commentary
July NY world sugar #11 (SBN26) on Thursday closed down -0.26 (-1.88%), and Aug London ICE white sugar #5 (SWQ26) closed down -6.90 (-1.53%).
Sugar prices settled lower on Thursday, with NY sugar matching Tuesday’s 1.75-month low. Dollar strength and weakness in crude oil prices on Thursday pressured sugar prices.  The dollar index ($DXY) rallied to a 13-month high on Thursday, weighing on most commodity prices. Also, WTI crude oil (CLN26) tumbled to a 3.5-month low, undercutting ethanol prices, which could potentially prompt the world’s sugar mills to divert cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.Â
On Wednesday, sugar prices climbed to a 1-week high amid concerns over India’s sugar crop. On Wednesday, India’s Meteorological Department reported that India’s cumulative monsoon rainfall was 38% below normal as of June 17. India’s monsoon season runs from June through September.
Concerns that dry weather from an El N... Read more
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