White Sugar #5 Futures Market News and Commentary
October NY world sugar #11 (SBV21) on Tuesday closed up +0.25 (+1.33%). Dec London white sugar #5 (SWZ21) closed up +7.40 (+1.47%).
Sugar prices on Tuesday recovered from early losses and settled moderately higher. NY sugar on Tuesday rebounded from a 1-1/2 month low and moved higher on tight sugar supplies in Brazil. Monday's data from Unica showed Center-South Brazil 2021/22 sugar production the first half of Sep fell -20.5% y/y to 2.548 MMT, a bigger decline than expectations of 2.650 MMT. Also, the percentage of cane crushed for ethanol production in the first half of Sep rose to 55.06% from 53.85% last year, signaling less cane crushed for sugar production.
NY sugar on Tuesday initially fell to a 1-1/2 month low on weakness in the Brazilian real against the dollar. The real (^USDBRL) on Tuesday fell -1.11% to a 5-week low. A weaker real encourages export selling by Brazil's sugar producers.
NY sugar last month climbed to a 4-1/2 year nearest-futures hi... Read more