March NY world sugar #11 (SBH25) Wednesday closed down -0.31 (-1.69%), and March London ICE white sugar #5 (SWH25) closed down -8.70 (-1.81%).
Sugar prices Wednesday extended their 3-month prolonged selloff, with NY sugar posting a 4-3/4 month nearest-futures low and London sugar posting a 3-1/3 year low. Due to an improved sugar supply outlook, prices have decreased over the past three months. On November 21, the International Sugar Organization (ISO) reduced its 2024/25 global sugar deficit forecast to -2.51 MMT, compared to an August forecast of -3.58 MMT. ISO also raised its 2023/24 global sugar surplus estimate to 1.31 MMT from an August projection of 200,000 MT.
