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Barchart
Rich Asplund

Sugar Finishes Sharply Higher as Brazil Wildfires Damage Some Sugar Crops

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October NY world sugar #11 (SBV24) Friday closed up +0.54 (+3.03%), and Oct London ICE white sugar #5 (SWV24) closed up +13.60 (+2.66%).

Sugar prices Friday rallied sharply to 1-week highs.  Sugar prices rose on carryover support from Thursday when Conab, Brazil's government crop forecasting agency, cut its 2024/25 Brazil Center South sugar production estimate to 42 MMT from a previous forecast of 42.7 MMT, citing lower sugarcane yields due to drought and excessive heat.  Separately, in the 2024/25 marketing year through July, Brazil's Center-South sugar production was up by +8% y/y at 20.753 MMT, according to a Unica report last Tuesday.

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