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Barchart
Barchart
Rich Asplund

Sugar Prices Close Sharply Higher on Brazil Sugarcane Crop Woes

October NY world sugar #11 (SBV24) Thursday closed up +0.77 (+3.64%), and December London ICE white sugar #5 (SWZ24) closed up +13.10 (+2.36%).

Sugar prices Thursday extended this week's sharp rally, with NY sugar posting a 5-1/4 month high and London sugar posting a 2-month high.  Sugar prices are soaring as drought conditions in Brazil threaten its sugarcane crops.  Fund buying this week supports sugar prices after meteorologist Climatempo said hot and dry conditions will persist in Brazil's sugar-producing areas until next week.  

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