Oct NY world sugar #11 (SBV23) on Monday closed up +0.74 (+2.98%), and Oct London white sugar #5 (SWV23) did not trade Monday with markets in the UK closed for a holiday.
Sugar prices Monday rallied to a 2-month high and closed sharply higher on speculation India will soon announce export restrictions on its sugar supplies. Last Wednesday, Reuters reported that India is considering banning its sugar mills from exporting sugar in the 2023/24 season beginning in October as a lack of monsoon rain reduced the country's sugar crop. According to India's weather bureau, the state of Maharashtra, which accounts for 37% of India's sugar output, has received as much as 20% less rain than normal since the start of the season. India's food ministry said it will make a final decision about sugar exports for 2023/24 when actual estimates of total production are available. India allowed mills to export only 6.1 MMT of sugar during the current 2022/23 season to September 30 after letting them export a record 11.1 MMT last season.
