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Barchart
Barchart
Rich Asplund

NY Sugar Settles Higher on Below-Average Rain in Brazil and India

Brazil India NY Thailand London Unica USDA

October NY world sugar #11 (SBV24) on Tuesday closed up +0.38 (+1.88%), and Aug London ICE white sugar #5 (SWQ24) closed down -1.60 (-0.27%).

Sugar prices Tuesday settled mixed, with NY sugar climbing to a 2-1/2 month high.  Below-normal rainfall in Brazil has sparked short-covering in NY sugar Tuesday due to concerns that dry weather will reduce sugarcane yields and curb Brazil's sugar output.  London sugar moved lower Tuesday after the European Commission's Agriculture and Rural Development department projected EU 2024/25 sugar production would climb +5% y/y to 16.4 MMT.

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