Sugar #11 Futures Market News and Commentary
October NY world sugar #11 (SBV21) on Wednesday closed up +0.26 (+1.42%), and Oct London white sugar #5 (SWV21) closed up +3.80 (+0.84%).
Sugar prices on Wednesday posted moderate gains on the risks of additional frost damage to Brazil's sugar-cane crops after Rural Clima on Wednesday said widespread freezing conditions are expected in the sugar-cane areas of Sau Paulo and Mato Grasso on July 29. Gains in sugar were limited, though, after Paragon Global Markets said the cold front that is expected to move into the sugar-growing regions of Brazil this weekend would be preceded by cloud cover, which could keep temperatures from falling below freezing and reduce the risk of frost developing.
On Tuesday, NY sugar rallied to a 5-month nearest-futures high and London sugar posted a 1-week high on fears that another frost could further damage Brazil's sugar cane crops. Somar Meteorologia on Monday said that temperatures are expected to be close to zero degrees Celsius in sout... Read more