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Barchart
Barchart
Rich Asplund

Sugar Prices Fall on Pre-Weekend Profit-Taking

Oct NY world sugar #11 (SBV23) on Friday closed down -0.37 (-1.39%), and Oct London white sugar #5 (SWV23) closed down -6.50 (-0.89%).

Sugar prices Friday gave up an early advance and closed moderately lower on pre-weekend profit-taking.  Sugar prices have been in rally mode this week, with NY sugar climbing to a 4-1/2 month high Friday and London sugar posting a 12-year high Tuesday.  Sugar prices surged Tuesday after Alvean, the world's largest sugar trader, said it expects a 2023/24 global sugar deficit of -5.4 MMT, the sixth year of shortages, as India may curb sugar exports and Thailand farmers plant more profitable cassava instead of sugarcane.

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