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Barchart
Barchart
Rich Asplund

NY Sugar Posts Modest Losses as ISO Cuts its 2023/24 Global Sugar Deficit Estimate

March NY world sugar #11 (SBH24) on Wednesday closed -0.03 (-0.11%), and Dec London ICE white sugar #5 (SWZ23) closed +3.30 (+0.44%).

Sugar prices Wednesday settled mixed, with NY sugar posting a 2-week low.  Sugar prices came under pressure Wednesday after the International Sugar Organization (ISO) raised its 2023/24 global sugar production (Oct-Sep) estimate to 179.9 MMT from a previous estimate of 174.8 MMT and cut its 2023/24 global sugar deficit to -335,000 MT from a prior forecast of -2.1 MMT.  London sugar settled moderately higher on short covering as Wednesday was the last trading day for the Dec London white sugar futures contract.

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