White Sugar #5 Futures Market News and Commentary
Oct NY world sugar #11 (SBV20) on Friday closed down -0.01 (-0.08%), and Oct London white sugar #5 (SWV20) closed up +0.70 (+0.18%).
Sugar prices on Friday settled mixed with London sugar at a 1-3/4 month high. Increased Chinese demand for Brazilian sugar is bullish for sugar prices and has sparked the fund-buying of sugar futures. According to data from researcher Datagro, Brazil, as of August 10, had scheduled the shipment of 816,823 MT of sugar to China in the coming weeks. That is 31% of Brazil's total sugar exports expected to ship in that period. For the year through July, Brazil has already exported 1.43 MMT of sugar to China, surpassing the total volume of sugar exported to China in 2019.
NY sugar on Friday fell back from a 5-1/2 month high and settled little changed on weakness in crude oil prices. Crude oil fell -0.54% Friday, which undercuts ethanol prices and may encourage Brazil's sugar mills to direct more cane crushing toward sugar production rather than... Read more