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Barchart
Barchart
Rich Asplund

Sugar Closes Higher on Supply Concerns and Brazilian Real Strength

India Brazil Thailand El Nino ISMA USDA

May NY world sugar #11 (SBK24) on Wednesday closed up +0.58 (+2.78%), and May London ICE white sugar #5 (SWK24) closed up +16.70 (+2.81%).

Sugar prices on Wednesday rose sharply on global supply concerns.  Sugar trader Alvean said Wednesday that India's 2024/25 sugar output may drop by -9% to 30 MMT, which will likely keep restrictions on India's sugar exports in place and curb global supplies.  Wednesday's rally in the Brazilian real (^USDBRL) to a 1-week high is also bullish for sugar as the stronger real discourages export selling from Brazil's sugar producers.

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