White Sugar #5 Futures Market News and Commentary
October NY world sugar #11 (SBV21) on Friday closed up +0.55 (+3.12%), and Oct London white sugar #5 (SWV21) closed up +10.70 (+2.39%).
Sugar prices on Friday settled sharply higher, with NY sugar climbing to a 2-week high. Sugar prices surged Friday after Unica said the frost impact on Brazil's sugar-cane crop would be "big." Companies were still assessing the damage from the first frost in late June before this week's frost again hit Brazil's sugar crops. Unica said the frost this week reached a broader area, with more severity in some regions. According to Rural Clima, parts of South Minas in Brazil saw the coldest temperatures in 27 years.
In another supportive factor for sugar prices, Wilmar International on Tuesday cut its Brazil 2021/22 Center-South cane output estimate to 510 MMT from April's forecast of 530 MMT, which would be the lowest sugar output in 10 years. Wilmar also warned that Brazil's 2022/23 sugar cane crop might not recover due to this year's d... Read more