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Rich Asplund

Sugar Prices Climb on Production Concerns in Brazil

Brazil India NY Drought ISM London Thailand USDA

October NY world sugar #11 (SBV24) today is up +0.55 (+2.44%), and December London ICE white sugar #5 (SWZ24) is up +12.20 (+2.09%).

Sugar prices today are moderately higher, with NY sugar posting a 6-3/4 month high. Drought conditions in Brazil are reducing the country's sugar production prospects and are pushing sugar prices higher. Last Friday, Rabobank cut its 2024/25 Brazil sugar production forecast to 39.3 MMT from a previous forecast of 40.3 MMT, citing excessive dryness.

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