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Barchart
Barchart
Rich Asplund

Sugar Prices Mixed after Higher Indian Sugarcane Production Forecast

India the Indian Sugar and Bioenergy Manufacturers Association Thailand El Nino London Unica USDA

May NY world sugar #11 (SBK24) Wednesday closed up +0.04% (+0.18%), and May London ICE white sugar #5 (SWK24) closed -1.10 (-0.18%).

Sugar prices saw downward pressure after the Indian Sugar and Bioenergy Manufacturers Association Wednesday raised its forecast for India's sugarcane production in the 2023-24 marketing year (that began on Oct 1) by +2.9% to 34 MMT from January's forecast of 33.05 MMT.  Higher sugarcane production likely means higher refined sugar production, depending on how much of that sugarcane is converted into ethanol.

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