Sugar #11 Oct '19 (SBV19)
Sugar #11 Futures Market News and Commentary
Mar NY world sugar #11 (SBH20) on Wednesday closed down -0.03 (-0.25%), and Dec ICE London white sugar #5 (SWZ19) closed down -2.10 (-0.63%). Sugar prices declined Wednesday with Mar NY sugar falling to a fresh 1-month low. Negative carry-over from last Thursday's forecast from Rabobank continued to weigh on sugar prices after Rabobank said that it expects "significant" sugar exports from India in 2021 as ample rains boost India's 2020/21 sugar crop. Sugar prices recovered from their worst levels today on signs of strength in Chinese sugar demand after China's General Administration of Customs reported China Sep sugar imports surged +122.8% y/y to 420,000 MT. Another positive for sugar prices is strength in the Brazilian real which rose +1.22% against the dollar Wednesday to a 1-1/4 month high against the dollar. A stronger real discourages export selling from Brazil's sugar producers. A bullish factor for sugar was last Friday's action by the USDA's FAS to cut its India 2019/20 sugar... Read more
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