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Barchart
Rich Asplund

Sugar Prices Post Moderate Gains as ISO Raises its Global Sugar Deficit Estimate

ISO Deficit India London NY Thailand El Nino ISMA USDA

March NY world sugar #11 (SBH24) on Wednesday closed up +0.17 (+0.71%), and May London ICE white sugar #5 (SWK24) closed up +3.30 (+0.52%).

Sugar prices on Wednesday extended this week's gains, with NY sugar posting a 2-week high and London sugar posting a 1-week high.  On Wednesday, sugar moved higher after the International Sugar Organization (ISO) more than doubled its 2023/24 global sugar deficit estimate to -689,000 MT from a November estimate of -335,000 MT.  Sugar also has carryover support from Monday when Sucden predicted that India's 2024/25 sugar production would fall -15.3% y/y to 28 MMT.    

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