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Barchart
Rich Asplund

Brazilian Real Strength Sparks Short Covering in Sugar Futures

Brazil India USDA ISO NY Conab London Thailand

October NY world sugar #11 (SBV25) on Monday closed up +0.21 (+1.33%), and October London ICE white sugar #5 (SWV25) closed up +6.20 (+1.28%).

Sugar prices settled sharply higher on Monday and posted 1.5-week highs.  Strength in the Brazilian real sparked short covering in sugar prices after the real (^USDBRL) on Monday rallied to a 15-month high against the dollar.  The stronger real discourages export sales from Brazil's sugar producers.

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