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Barchart
Barchart
Rich Asplund

Sugar Closes Higher on Concerns About Smaller Global Sugar Output

India NY Thailand El Nino London USDA

Oct NY world sugar #11 (SBV23) on Tuesday closed up +0.43 (+1.63%), and Oct London white sugar #5 (SWV23) closed up +13.30 (+1.81%).

Sugar prices Tuesday closed moderately higher, with NY sugar posting a 4-1/2 month high.  Over the past couple of weeks, sugar prices have risen on concerns about smaller global sugar production, with NY sugar posting a 4-1/2 month high Tuesday and London sugar posting a 12-year high last Tuesday.  Sugar prices jumped last Tuesday after Alvean, the world's largest sugar trader, said it expects a 2023/24 global sugar deficit of -5.4 MMT, the sixth year of shortages, as India may curb sugar exports and Thailand farmers plant more profitable cassava instead of sugarcane.

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