Sugar #11 Jul '24 (SBN24)
Sugar #11 Futures Market News and Commentary
October NY world sugar #11 (SBV26) on Monday closed down -0.19 (-1.29%), and October London ICE white sugar #5 (SWV26) closed down -2.40 (-0.52%).
Sugar prices fell to 1-week lows on Monday and settled lower amid the plunge in crude oil prices. WTI crude oil (CLU26) tumbled more than -7% on Monday, which undercuts ethanol prices and may encourage sugar mills worldwide to divert less cane crushing toward ethanol production than sugar, thus boosting sugar supplies.Â
Sugar prices have recently been undercut amid the prospects of higher Indian sugar output as monsoon rains improve. On Monday, India’s Meteorological Department reported that India’s cumulative monsoon rainfall was 16% below normal as of July 27, a substantial improvement from 42% below normal on June 30. India’s Earth Science Ministry initially warned that this year’s monsoon in India could be the weakest in 11 years. India’s monsoon season runs from June through September.Â
Concerns that dry weather... Read more
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Barchart · Mon Jul 27, 1:26PM CDT
October NY world sugar #11 (SBV26 ) on Monday closed down -0.19 (-1.29%), and October London ICE white sugar #5 (SWV26 ) closed down -2.40 (-0.52%). Sugar...
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