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Barchart
Rich Asplund

Sugar Prices Jump as Wildfires in Brazil Damage Some Sugar Crops

Brazil India Conab ISM Thailand ISO USDA

October NY world sugar #11 (SBV24) today is up +0.46 (+2.58%), and Oct London ICE white sugar #5 (SWV24) is up +12.90 (+2.52%).

Sugar prices today are sharply higher and posted 1-week highs.  Sugar prices are climbing on carryover support from Thursday when Conab, Brazil's government crop forecasting agency, cut its 2024/25 Brazil Center South sugar production estimate to 42 MMT from a previous forecast of 42.7 MMT, citing lower sugarcane yields due to drought and excessive heat.  So far in the 2024/25 marketing year through July, Brazil's Center-South sugar production was up by +8% y/y at 20.753 MMT, according to a Unica report last Tuesday.

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