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Barchart
Barchart
Rich Asplund

Sugar Prices Retreat as Dollar Strength Spurs Long Liquidation

India El Nino London NY Thailand USDA

Oct NY world sugar #11 (SBV23) on Wednesday closed down -0.43 (-1.61%), and Oct London white sugar #5 (SWV23) closed down -20.80 (-2.78%).

Sugar prices Wednesday closed moderately lower.  A rally in the dollar index (DXY00) Wednesday to a 5-1/2 month low sparked long liquidation in sugar futures from Tuesday's highs.  NY sugar on Tuesday climbing to a 4-1/2 month high, while London sugar climbed to a 12-year high.  Sugar prices surged Tuesday after Alvean, the world's largest sugar trader, said it expects a 2023/24 global sugar deficit of -5.4 MMT, the sixth year of shortages, as India may curb sugar exports and Thailand farmers plant more profitable cassava instead of sugarcane.

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