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Barchart

Rich Asplund

Sugar Prices Mildly Higher on Consolidation After Recent Losses

Conab India Thailand Ethanol London Brazil NY the Indian Sugar and Bioenergy Manufacturers Association USDA

May NY world sugar #11 (SBK24) this morning is up +0.09 (+0.45%), and Aug London ICE white sugar #5 (SWQ24) is up +2.60 (+0.45%).

Sugar prices today are mildly higher as they consolidate recent losses. Short covering has pushed sugar prices higher since last Thursday when Conab cut its Brazil 2023/24 sugar production estimate by -2.6% to 45.7 MMT from a November estimate of 46.9 MMT. Conab's Brazil sugar production estimate was reduced since Conab raised its Brazil 2023/24 ethanol production estimate to 29.7 bln liters from a November estimate of 28 billion liters.

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