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Barchart
Barchart
Rich Asplund

Sugar Prices Retreat on a Bearish Supply Situation

India London NY the Indian Sugar and Bioenergy Manufacturers Association Brazil ISO Thailand Unica USDA

March NY world sugar #11 (SBH25) Monday closed down -0.32 (-1.66%), and March London ICE white sugar #5 (SWH25) closed down -7.10 (-1.41%).

Sugar prices Monday retreated, with NY sugar posting a 4-month nearest-futures low and London sugar posting a 2-3/4 year low.  Monday's rally in the dollar index (DXY00) to a 2-year high is bearish for most commodity prices, including sugar.  Over the past three months, sugar prices have been trending lower due to an improved sugar supply outlook.  On November 21, the International Sugar Organization (ISO) reduced its 2024/25 global sugar deficit forecast to -2.51 MMT, compared to an August forecast of -3.58 MMT.  ISO also raised its 2023/24 global sugar surplus estimate to 1.31 MMT from an August projection of +200,000 MT.  

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