July NY world sugar #11 (SBN24) closed down -0.12 (-0.64%) on Tuesday, and Aug London ICE white sugar #5 (SWQ24) closed down -6.40 (-1.16%).
Sugar prices on Tuesday closed moderately lower as they gave back some of Monday's sharp gains. Sugar prices have tumbled over the past seven weeks due to ramped-up sugar production in Brazil. Last Thursday, NY sugar fell to a 1-1/2 year nearest-futures low, and London sugar dropped to a 1-1/4 year low on the outlook for ample global sugar supplies. Unica reported last Wednesday that Brazil's sugar production in the second half of April jumped +84.0% y/y to 1,843 MMT, and for the 2024/25 marketing year (Apr-Mar) sugar production rose +65.9% y/y to 2.558 MMT. Brazil's sugar mills have boosted their cane crushing for sugar at the expense of ethanol production as they crushed 46.96% of sugarcane this year for sugar, up from 41.42% of cane used last year.
