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Barchart
Barchart
Rich Asplund

Sugar Prices Drop as the Dollar Rallies

India Brazil ISO London NY Thailand the Indian Sugar and Bioenergy Manufacturers Association Unica USDA

March NY world sugar #11 (SBH25) Wednesday closed down -0.21 (-1.08%), and March London ICE white sugar #5 (SWH25) closed down -3.90 (-0.77%).

Sugar prices on Wednesday fell to 1-week lows due to under pressure from a stronger dollar.  Over the past three months, sugar prices have been trending lower.  Last Tuesday, NY sugar posted a 3-1/2 month nearest-futures low, and last Monday, London sugar posted a 2-3/4 year low on an improved sugar supply outlook.   On November 21, the International Sugar Organization (ISO) reduced its 2024/25 global sugar deficit forecast to -2.51 MMT, compared to an August forecast of -3.58 MMT.  ISO also raised its 2023/24 global sugar surplus estimate to 1.31 MMT from an August projection of +200,000 MT.  

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