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Barchart

Rich Asplund

Sugar Prices Plummet as Supply Concerns Ease

India Thailand Brazil El Nino the National Federation of Cooperative Sugar Factories USDA

March NY world sugar #11 (SBH24) on Wednesday closed -1.96 (-7.85%), and March London ICE white sugar #5 (SWH24) closed -47.90 (-6.93%)

Sugar prices Wednesday plummeted to a 5-month low as an easing of sugar supply concerns has fueled fund selling of sugar futures. Sugar prices have sold off sharply over the past week after Conab last Wednesday raised its 2023/24 Brazil sugar production estimate by +15% to 46.9 MMT from an August estimate of 40.9 MMT.

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