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Barchart
Barchart
Rich Asplund

Projections of Wider Global Sugar Deficits Sparks Short-Covering in Sugar

Deficit India Thailand Brazil El Nino ISMA USDA

May NY world sugar #11 (SBK24) on Tuesday closed up +0.27 (+1.31%), and May London ICE white sugar #5 (SWK24) closed up +1.30 (+0.22%).

Sugar prices on Tuesday recovered from 2-month lows and posted moderate gains.  Short-covering emerged in sugar futures Tuesday after BP Bunge Bioenergia projected that the global sugar deficit would widen to -1.6 MMT in 2024/25 as Brazil's sugar production in 2024/25 falls by about -4.4% to 40.8 MMT due to dry conditions that curb sugar cane yields.

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