July NY world sugar #11 (SBN24) this morning is down -0.38 (-1.90%), and Aug London ICE white sugar #5 (SWQ24) is down -13.90 (-2.374%).
Sugar prices today are moderately lower as a stronger dollar spurred some long liquidation pressure in sugar futures after Tuesday's rally. On Tuesday, sugar prices rose to 3-week highs on signs of lower sugar output in India when the Indian Sugar and Bioenergy Manufacturers Association reported Monday that India's 2023/24 sugar production from Oct-Apr fell -1.6% y/y to 31.4 MMT as more sugar mills closed for the year and ended their sugarcane crush. As of April 30, 516 Indian sugar mills had closed operations compared with 460 mills that closed at the same time last year.
