
May NY world sugar #11 (SBK24) this morning is up +0.60 (+2.87%), and May London ICE white sugar #5 (SWK24) is up +17.20 (+2.89%).
Sugar prices this morning are sharply higher on global supply concerns. Sugar trader Alvean said today that India's 2024/25 sugar output may drop by -9% to 30 MMT, which will likely keep restrictions on India's sugar exports in place and curb global supplies. Today's rally in the Brazilian real (^USDBRL) to a 1-week high is also bullish for sugar as the stronger real discourages export selling from Brazil's sugar producers.