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Barchart
Barchart
Rich Asplund

Prospects of Higher Indian Sugar Exports Weigh on Prices

October NY world sugar #11 (SBV25) on Wednesday closed down -0.04 (-0.25%), and October London ICE white sugar #5 (SWV25) closed down -0.80 (-0.17%).

Sugar prices extended this week's slide on Wednesday, with NY sugar posting a 2.5-week low and London sugar posting a 2-week low.  Sugar prices were under pressure on Wednesday due to speculation that India may boost its sugar exports after a Bloomberg report stated that the country may permit local sugar mills to export sugar in the next season, which starts in October, as abundant monsoon rains may produce a bumper sugar crop.  India's Meteorological Department reported Monday that cumulative monsoon rain in India is 6% above normal as of July 21.

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