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Barchart
Barchart
Rich Asplund

Brazil Sugar Crop Woes Push Prices Higher

Brazil India NY Drought ISM London Thailand USDA

October NY world sugar #11 (SBV24) Wednesday closed up +0.30 (+1.30%), and December London ICE white sugar #5 (SWZ24) closed up +1.70 (+0.29%).

Sugar prices on Wednesday finished moderately higher, with NY sugar posting a 7-month high.   Drought conditions in Brazil have reduced the country's sugar production prospects and have pushed sugar prices sharply over the past two weeks.  Last Friday, Rabobank cut its 2024/25 Brazil sugar production forecast to 39.3 MMT from a previous forecast of 40.3 MMT, citing excessive dryness.  

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