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Barchart
Barchart
Rich Asplund

Sugar Erases Early Gains as the Dollar Recovers

India ISMA London NY Thailand

May NY world sugar #11 (SBK23) on Thursday closed down -0.25 (-1.18%), and May London white sugar #5 (SWK23) closed down -6.10 (-1.01%).

Sugar prices Thursday gave up an early advance and closed moderately lower.  The dollar index (DXY00) Thursday recovered from a 6-week low and was little changed, which sparked long liquidation in sugar futures.  Sugar prices Thursday initially moved higher, with London sugar posting a 6-1/4 month high on supply concerns.  StoneX Group Monday cut their 2022/23 global sugar surplus estimate to 2.5 MMT from a Jan forecast of 5 MMT, citing lower production in India due to excessive rain.

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