Sugar #16 May '23 (SDK23)
Sugar #16 Futures Market News and Commentary
October NY world sugar #11 (SBV26) today is down -0.01 (-0.07%), and October London ICE white sugar #5 (SWV26) is up +1.80 (+0.39%).
Sugar prices are mixed today, with NY sugar falling to a 1.5-week low. Sugar prices are under pressure amid the prospects of higher Indian sugar output as monsoon rains improve. India’s Meteorological Department reported today that India’s cumulative monsoon rainfall was 15% below normal as of July 29, 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
Sugar prices recovered from their worst levels today after Green Pool Commodity Specialists raised their global 2026/27 sugar deficit to -3.3 MMT from a June estimate of -1.76 MMT. On Tuesday, StoneX raised its 2026/27 global sugar deficit forecast to -1.7 MMT from a May estimate of -550,000 MT.
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