October NY world sugar #11 (SBV26) on Wednesday closed up +0.17 (+1.15%), and Aug London ICE white sugar #5 (SWQ26) closed up +8.30 (+1.75%).
Sugar prices extended their week-long rally on Wednesday, with NY sugar posting a 7-week high and London sugar posting a 9.75-month nearest-futures high. Sugar prices are climbing amid concerns that weak monsoon rains in India will lower sugar yields and reduce the country’s sugarcane harvest, the world’s second largest. India’s Meteorological Department reported on Wednesday that India’s cumulative monsoon rainfall was 38% below normal as of July 1. India’s Earth Science Ministry warns that this year’s monsoon in India could be the weakest in 11 years. India’s monsoon season runs from June through September.
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