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Barchart
Barchart
Rich Asplund

Sugar Prices Recover on Dollar Weakness

India Thailand Brazil El Nino London NY USDA

Oct NY world sugar #11 (SBV23) on Thursday closed +0.60 (+2.30%), and Dec London white sugar #5 (SWZ23) closed +7.30 (+1.03%).

Sugar prices Thursday recovered from 3-week lows and closed moderately higher as a weaker dollar spurred short covering in sugar futures.  Sugar prices Thursday initially posted 3-week lows on ramped-up sugar production in Brazil.  Unica reported Tuesday that Brazil Center-South sugar output in the first half of September rose +8.5% y/y to 3.116 MMT and that sugar output in the 2023/24 crop year through mid-September rose +18.7% y/y to 29.258 MMT.  Also, 49.37% of the crushed sugarcane was used for sugar production this year, an increase from 45.47% last year.

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