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Barchart
Rich Asplund

Fire Damage to Sugar Crops in Brazil Boosts Prices

Brazil India ISM Thailand Drought London USDA

October NY world sugar #11 (SBV24) Thursday closed up +0.35 (+1.79%).  Oct London ICE white sugar #5 (SWV24) closed up +12.50 (+2.29%).

Sugar prices Thursday extended their sharp week-long rally to 6-week highs.   Sugar prices are underpinned as drought and excessive heat have caused massive fires in Brazil that have damaged sugar crops in Brazil's top sugar-producing state of Sao Paulo.  Sugar cane industry group Orplana said that over the past weekend, as many as 2,000 fire outbreaks affected as much as 80,000 hectares of planted sugarcane in Sao Paulo.  Green Pool Commodity Specialists said that as much as 5 MMT of sugar cane may have been lost due to the fires.

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