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Barchart
Rich Asplund

Sugar Prices Fall as Dry Conditions in Brazil Boost the Sugar Harvest

Brazil India ISMA ISO London

July NY world sugar #11 (SBN23) on Wednesday closed down -0.32 (-1.24%), and Aug London white sugar #5 (SWQ23) closed down -5.40 (-0.76%).

Sugar prices Wednesday closed moderately lower.  Sugar prices were undercut Wednesday by a rally in the dollar index (DXY00) to a 2-month high.  Also, dry conditions in Brazil are facilitating the country's sugar harvest.  Rural Clima Meteorlogia said little rain is expected in Brazil through the end of the month.  Unica reported on May 12 that Brazil's 2023/24 sugar production through April was up +43.7% y/y at 1.531 MMT and that the percentage of sugarcane crushed for sugar rose to 41.6% from 35.3% last year.  

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