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Barchart
Barchart
Rich Asplund

Sugar Prices Decline on the Outlook for a Smaller Global Sugar Deficit

Deficit India the International Sugar Organization Brazil ISO Thailand the Indian Sugar and Bioenergy Manufacturers Association USDA

March NY world sugar #11 (SBH25) Thursday closed down -0.27 (-1.25%), and March London ICE white sugar #5 (SWH25) closed down -5.50 (-0.98%).

Sugar prices Thursday moved lower after the International Sugar Organization (ISO) lowered its 2024/25 global sugar deficit forecast to -2.51 MMT from an August forecast of -3.58 MMT.  The ISO also raised its 2023/24 global sugar surplus estimate to 1.31 MMT from an August projection of +200,000 MT.  Losses in sugar accelerated Thursday after the Brazilian real (^USDBRL) fell to a 2-week low against the dollar, encouraging export selling by Brazil's sugar producers.  

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