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Rich Asplund

Sugar Prices Recover Early Losses on Dollar Weakness

India Thailand El Nino Brazil the National Federation of Cooperative Sugar Factories USDA

March NY world sugar #11 (SBH24) on Thursday closed +0.03 (+0.13%), and March London ICE white sugar #5 (SWH24) closed +2.50 (+0.39%)

Sugar prices Thursday recovered from early losses and closed slightly higher as a weaker dollar spurred short covering in sugar futures. Sugar prices Thursday initially extended Wednesday's sharp losses to a 5-month low on an easing of sugar supply concerns. Sugar prices have sold off sharply over the past week after Conab last Wednesday raised its 2023/24 Brazil sugar production estimate by +15% to 46.9 MMT from an August estimate of 40.9 MMT.

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