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Barchart
Barchart
Rich Asplund

Global Weather Risks Underpin Sugar Prices

India London NY Deficit Brazil ISO USDA Covrig Analytics FAs India Meteorological Department

October NY world sugar #11 (SBV26) closed up +0.02 (+0.12%) on Monday, and October London ICE white sugar #5 (SWV26) closed up +2.70 (+0.83%).

Sugar prices added to their week-long surge on Monday, with NY sugar posting a 10-month nearest-futures high and London sugar posting a 15-month high. Concerns over lower global sugar production are propelling prices sharply higher. Due to drought and hot weather in Europe, sugar production in the European Union and the UK is set to decline to 14.98 MMT this year, the lowest level in 11 years, according to data from S&P Global Energy.

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