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Barchart
Barchart
Rich Asplund

NY Sugar Recovers Early Losses on a Weaker Dollar

NY India Brazil Conab ISMA London

July NY world sugar #11 (SBN23) on Wednesday closed up +0.03 (+0.12%), and Aug London white sugar #5 (SWQ23) closed down -6.00 (-0.87%).

Sugar prices Wednesday fell to 1-week lows but settled mixed.   Weakness in the dollar Wednesday sparked short covering in NY sugar as prices recovered from early losses and settled slightly higher.  Sugar prices are under pressure on farmer hedge selling ahead of the upcoming Brazil sugar harvest.  Conab on Apr 26 forecasted that Brazil's 2023/24 sugar output would climb +4.7% y/y to 38.8 MMT, the second most ever, as crops recover from the previous season's adverse weather.

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