
July NY world sugar #11 (SBN24) this morning is down -0.19 (-1.01%), and Aug London ICE white sugar #5 (SWQ24) is down -8.80 (-1.59%).
Sugar prices this morning are moderately lower but remain above Tuesday's major lows. Ramped-up sugar production in Brazil is undercutting prices. Unica reported today that Brazil's sugar production in the second half of April jumped +84.0% y/y to 1,843 MMT, and for the 2024/25 marketing year (Apr-Mar) sugar production rose +65.9% y/y to 2.558 MMT. Brazil's sugar mills have boosted their cane crushing for sugar at the expense of ethanol production as they crushed 46.96% of sugarcane this year for sugar, up from 41.42% of cane used last year. For the 2023/24 marketing year that just ended, Unica reported on April 19 that Brazilian sugar output rose +25.7% y/y at 42.425 MMT.