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Barchart
Rich Asplund

Sugar Prices Rebound as Conab Cuts its Brazil Sugar Production Estimate

Conab Brazil India Ethanol London Thailand NY the Indian Sugar and Bioenergy Manufacturers Association USDA

May NY world sugar #11 (SBK24) this morning is up +0.28 (+1.45%), and Aug London ICE white sugar #5 (SWQ24) is up +11.40 (+2.04%).

Sugar prices this morning moved higher as short covering emerged in sugar futures after Conab cut its Brazil 2023/24 sugar production estimate by -2.6% to 45.7 MMT from a November estimate of 46.9 MMT.  Conab's Brazil sugar production estimate was reduced as Conab raised its Brazil 2023/24 ethanol production estimate to 29.7 bln liters from a November estimate of 28 billion liters.

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