White Sugar #5 Futures Market News and Commentary
March NY world sugar #11 (SBH22) on Friday closed up +0.14 (+0.74%). Dec London white sugar #5 (SWZ21) closed down -0.20 (-0.04%).
Sugar prices on Friday settled mixed with London sugar falling to a 1-month low. Crude oil prices (CLZ21) rose more than +1% Friday, which supported ethanol prices and was bullish for sugar. Gains in sugar were limited after the Brazilian real (^USDBRL) on Friday fell to a 6-1/4 month low against the dollar, which encourages export selling from Brazil's sugar producers and is bearish for sugar prices.
NY sugar fell to a 3-week nearest-futures low Tuesday after Czarnikow on Monday forecast a 2021/22 global sugar surplus of +350,000 MT, citing Covid lockdowns in Asia that curbed sugar consumption.
Sugar prices were undercut by last Wednesday's news from Unica showing that Brazil Center-South sugar production in the second half of September at 2.32 MMT, higher than the consensus of 2.22 MMT, as millers crushed 35.8 MMT of sugar-cane, ab... Read more