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Rich Asplund

Sugar Prices Push Higher as ISO Raises its Global Sugar Deficit Estimate

ISO Deficit India London NY Thailand El Nino ISMA USDA

March NY world sugar #11 (SBH24) this morning is up +0.23 (+0.96%), and May London ICE white sugar #5 (SWK24) is up +3.90 (+0.62%).

Sugar prices today extended this week's gains, with NY sugar posting a 2-week high and London sugar posting a 1-week high. Sugar rallied today 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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