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Barchart
Rich Asplund

Sugar Prices Plunge on Improving Supply Prospects

India London NY Brazil ISO Thailand the Indian Sugar and Bioenergy Manufacturers Association Unica USDA

March NY world sugar #11 (SBH25) today is down -0.53 (-2.80%), and March London ICE white sugar #5 (SWH25) is down -14.00 (-2.82%).

Sugar prices plunged today on fund selling, with NY sugar posting a 4-1/2 month nearest-futures low and London sugar posting a 2-3/4 year low.   Over the past three months, sugar prices have been trending lower due to an improved sugar supply outlook.  On November 21, the International Sugar Organization (ISO) reduced its 2024/25 global sugar deficit forecast to -2.51 MMT, compared to an August forecast of -3.58 MMT.  ISO also raised its 2023/24 global sugar surplus estimate to 1.31 MMT from an August projection of +200,000 MT.  

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