White Sugar #5 Mar '23 (SWH23)
White Sugar #5 Futures Market News and Commentary
October NY world sugar #11 (SBV26) on Friday closed down -0.24 (-1.59%), and Aug London ICE white sugar #5 (SWQ26) closed down -11.50 (-2.40%).
Sugar prices fell sharply on Friday, with London sugar posting a 1.5-week low. Friday’s -1% fall in crude oil prices (CLQ26) weighed on sugar prices. Lower crude oil prices undercut ethanol prices and could persuade global sugar mills to divert more cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.Â
Also, an improvement in India’s monsoon rains is weighing on sugar prices after India’s Meteorological Department reported Friday that India’s cumulative monsoon rainfall was 15% below normal as of July 10, a substantial improvement from 42% below normal on June 30.
An excessively long position in London ICE sugar by funds can exacerbate any price downturn. Friday’s weekly Commitment of Traders (COT) data showed funds boosted their long positions in ICE London white sugar by +10,368 in t... Read more
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October NY world sugar #11 (SBV26 ) on Friday closed down -0.24 (-1.59%), and Aug London ICE white sugar #5 (SWQ26 ) closed down -11.50 (-2.40%). Sugar...
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October NY world sugar #11 (SBV26 ) today is down -0.26 (-1.72%), and Aug London ICE white sugar #5 (SWQ26 ) is down -15.70 (-3.28%). Sugar prices are...
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