Sugar #16 Nov '20 (SDX20)
Sugar #16 Futures Market News and Commentary
Oct NY world sugar #11 (SBV20) on Tuesday closed up +0.40 (+3.18%). Dec London white sugar #5 (SWZ20) closed up +4.90 (+1.34%).
Sugar prices on Tuesday recovered from 1-week lows and moved sharply higher on fund short-covering after Archer Consulting said that dry weather that's sparking fires in Brazil's sugar-cane growing regions could curb Brazil's 2020/21 sugar production by -2.8 MMT. Also, Maxar said that sugar-growing regions in Brazil have only received 5% to 25% of normal rain in the past few months, leaving crops "extremely dry." Sugar prices have support from concern a La Nina weather pattern could lead to excessive dryness in Brazil that cuts sugarcane yields.
Sugar prices initially fell to 1-week lows Tuesday morning on carry-over from IHS Markit's statement on Monday said it "does not anticipate a sharp price increase next season due to strong production recovery in India." IHS Markit also warned that without an effective Covid treatment and bans of large... Read more
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