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Barchart
Barchart
Rich Asplund

Sugar Prices Lower on Doubts About Global Economic Growth

India Brazil Thailand China Interest Rates ISO Japan London the Indian Sugar and Bioenergy Manufacturers Association Unica

October NY world sugar #11 (SBV24) today is down -0.40 (-2.14%), and Oct London ICE white sugar #5 (SWV24) is down -11.10 (-2.05%).

Sugar prices are lower today due to doubts about the global economic outlook after China was forced to cut interest rates and Japan's Cabinet Office last Friday cut its Japan 2024 GDP projection to +0.9% from a previous estimate of +1.3%.  Also, there is increased political uncertainty after President Biden on Sunday dropped out of the presidential race.  Sugar prices are also being undercut by continued weakness today in oil prices, which is negative for ethanol prices and thus positive for sugar production.

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