Sugar #11 Futures Market News and Commentary
Oct NY world sugar #11 (SBV23) on Thursday closed +0.14 (+0.52%), and Dec London white sugar #5 (SWZ23) closed +6.30 (+0.87%).
Sugar prices on Thursday closed moderately higher. Sugar prices garnered support Thursday on comments from the head of commodities at ED&F Man, who said India is unlikely to export sugar in the 2023/24 season that begins October 1 to ensure adequate domestic supplies.
Over the past few weeks, sugar prices have risen sharply, with NY sugar posting a 12-year nearest-futures high Tuesday and London sugar posting a 12-year high last Thursday, on concern about smaller global sugar production. On September 5, Alvean, the world's largest sugar trader, said it expects a 2023/24 global sugar deficit of -5.4 MMT, the sixth year of shortages, as India may curb sugar exports and Thailand farmers plant more profitable cassava instead of sugarcane.
Sugar has support from speculation that India might soon announce export restrictions on its sugar suppli... Read more