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Barchart
Barchart
Rich Asplund

Closure of Brazil's Sugar Mills Pushes Sugar Prices Higher

Brazil India Wilmar International Thailand ISO the Indian Sugar and Bioenergy Manufacturers Association USDA

March NY world sugar #11 (SBH25) Monday closed up +0.62 (+2.87%), and March London ICE white sugar #5 (SWH25) closed up +18.50 (+3.33%).

Sugar prices Monday rallied to 1-week highs on the prospects of further seasonal mill closures in Brazil to curb sugar production.  Wilmar International projects the number of closed sugar mills in Brazil, currently at 38, to more than triple this month, sharply reducing the country's sugar output.  Sugar mills in Brazil typically stop processing cane during the wetter months of December and January and can resume operations as early as March, depending on the weather.  However, recent heavy rains this month in Brazil have led to sugar mills closing earlier than expected.  

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