White Sugar #5 Aug '19 (SWQ19)
White Sugar #5 Futures Market News and Commentary
Oct NY world sugar #11 (SBV20) on Thursday closed up +0.07 (+0.58%), and Oct London white sugar #5 (SWV20) closed down -2.70 (-0.75%).
Sugar prices on Thursday settled mixed with NY sugar at a 1-1/2 week high. NY sugar recovered from early losses Thursday and matched Wednesday's 1-1/2 week high on strength in crude oil. Crude oil rallied to a 1-week high Thursday, which benefits ethanol prices and may prompt Brazil's sugar mills to divert more cane crushing toward ethanol production rather than sugar production, which will curb sugar supplies.
Sugar prices on Thursday initially opened weaker, and London sugar closed lower, as the outlook for adequate supplies weighed on prices. NY sugar on Monday fell to a 4-week low on continued concern about increased sugar production in India. The Indian Sugar Mills Association (ISMA) said last Thursday that India's 2020/21 sugar production would climb +17.7% y/y to 32.01 MMT as sugar acreage is increased by +8.1% to 5.23 mln hectar... Read more
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