Sugar #11 Oct '23 (SBV23)
Sugar #11 Futures Market News and Commentary
May NY world sugar #11 (SBK26) on Tuesday closed up +0.20 (+1.46%), and May London ICE white sugar #5 (SWK26) closed up +13.00 (+3.16%).
Sugar prices recovered from 6-week lows on Tuesday and rallied sharply after the dollar index ($DXY) tumbled to a 6-week low, which sparked short covering in sugar futures. Â
Sugar prices have been under pressure for the past two weeks and initially fell to 6-week lows on Tuesday amid expectations of abundant global supplies. Â Last Tuesday, India's Food Secretary said the government has no plans to ban sugar exports this year, easing concerns that it could divert more sugar to make ethanol following the Iran war disruption to crude oil supplies. Â
Stronger sugar output in India is negative for sugar prices after India's National Federation of Cooperative Sugar Factories Ltd. on April 2 reported that India's 2025-26 sugar production from Oct 1-Mar 31 was up +9% y/y to 27.12 MMT.
Higher sugar production in Brazil is also beari... Read more
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May NY world sugar #11 (SBK26 ) on Tuesday closed up +0.20 (+1.46%), and May London ICE white sugar #5 (SWK26 ) closed up +13.00 (+3.16%). Sugar prices...
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