White Sugar #5 Futures Market News and Commentary
May NY world sugar #11 (SBK20) on Friday closed down -0.23 (-2.03%), and May London white sugar #5 (SWK20) closed up +0.30 (+0.09%).
Sugar prices on Friday settled mixed with London sugar at a 2-week high. London sugar moved higher Friday on concern about supply disruptions in India. The CEO of the Indian Sugar Exim Corp said on Friday that India will miss its sugar export target this year of 5 MMT since the coronavirus pandemic is causing a shortage of labor at ports and sugar mills. Several ports and terminals in India have declared force majeure due to shutdowns from the coronavirus pandemic. The Indian Sugar Mills Association (ISMA) on Wednesday said that India's cane crushing may be affected during the 3-week long lockdown imposed by the Indian government to slow the spread of the coronavirus.
Sugar prices on Friday fell back from their best levels and NY sugar turned negative after Green Pool Commodity Specialists forecasted that the global 2020/21 sugar market w... Read more