
March NY world sugar #11 (SBH25) Monday closed up +0.14 (+0.72%), and March London ICE white sugar #5 (SWH25) closed up +1.70 (+0.33%).
Sugar prices Monday posted moderate gains as strength in the Brazilian real (^USDBRL) sparked short covering in sugar futures. The real Monday rose +0.44%, just below last Friday's 2-3/4 month high against the dollar. Over the past three weeks, strength in the Brazilian real has spurred fund short-covering in sugar, with sugar prices climbing to a 7-week high last Thursday. The stronger real discourages export selling from Brazil's sugar producers.