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Barchart
Barchart
Rich Asplund

NY Sugar Falls on Continued Pressure from Higher Indian Sugarcane Production Forecast

India the Indian Sugar and Bioenergy Manufacturers Association Thailand El Nino London Unica USDA

May NY world sugar #11 (SBK24) on Thursday closed down -0.16 (-0.73%), and May London ICE white sugar #5 (SWK24) closed +0.20 (+0.03%).

NY sugar prices on Thursday continued to see downward pressure after the Indian Sugar and Bioenergy Manufacturers Association on Wednesday raised its forecast for India's sugarcane production in the 2023-24 marketing year (that began on Oct 1) by +2.9% to 34 MMT from January's forecast of 33.05 MMT.  Higher sugarcane production likely means higher refined sugar production, depending on how much of that sugarcane is converted into ethanol.

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