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Sugar #11 May '19 (SBK19)

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Sugar #11 Futures Market News and Commentary

Sugar Prices Close Lower on Increased Production in India

May NY world sugar #11 (SBK19) on Tuesday closed down -0.06 (-0.47%) and May ICE London white sugar (SWK19) closed down -4.90 (-1.41). Sugar prices moved lower Tuesday after the All India Sugar Trade Association raised its 2018/19 sugar production estimate for India, now the world's largest sugar producer, to 32.6 MMT from a Jan estimate of 31.5 MMT and above the Indian Sugar Mills Association's estimate of 30.7 MMT. Also, weakness in crude prices weighed on sugar as weaker crude oil prices undercut ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to sugar production than ethanol production, thus boosting sugar supplies. A positive for sugar was strength in the Brazilian real which climbed to a 1-1/2 week high against the dollar on Tuesday, which discourages exports from Brazil’s sugar producers. On the bearish side, India's Sugar Mills Association on Monday reported that India sugar production during Oct 1-Mar 15 rose +5.9% y/y to 27.35 MMT.
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