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Barchart
Barchart
Rich Asplund

Sugar Prices Jump on Fears of a Weak Monsoon in India

July NY world sugar #11 (SBN26) on Friday closed up +0.13 (+0.93%), and Aug London ICE white sugar #5 (SWQ26) closed up +12.50 (+2.94%).

Sugar prices rose sharply on Friday amid concerns that an emerging El Niño weather pattern will lead to a poor monsoon season in India, the world's second-largest sugar producer. Short covering emerged in sugar futures on Friday after India's weather office lowered its cumulative rainfall estimate for the June-September monsoon season to 90% of the long-term average from a forecast of 92% issued in April.

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