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Barchart
Barchart
Rich Asplund

Sugar Prices Close Lower as Brazil Ramps Up Sugar Production

Brazil Unica India Thailand El Nino London NY United States USDA

May NY world sugar #11 (SBK24) on Wednesday closed down -0.20 (-0.89%), and May London ICE white sugar #5 (SWK24) closed down -7.80 (-1.19%).

Sugar prices on Wednesday posted moderate losses due to higher sugar production in Brazil.  Unica reported Wednesday that Brazil's Center-South sugar output in the first half of March was 64,000 MT, up +313% from the same time last year.  Also, Brazilian sugar output so far in the 2023-24 marketing year through mid-March is up +25.8% y/y to 42.245 MMT.  Brazil's sugar mills have ramped up their cane crushing for more sugar and less ethanol.  Mills have crushed 48.96% of total cane for sugar production this year, up from 45.93% last year.

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