March NY world sugar #11 (SBH25) today is down -0.76 (-3.33%), and December London ICE white sugar #5 (SWZ24) is down -13.70 (-2.37%).
Sugar prices today retreated from 1-week highs and sold off sharply. Forecasts for rain in Brazil eased drought concerns and sparked long liquidation in sugar futures. Meteorologist Climatempo is forecasting heavy rainfall for Brazil starting this weekend. Losses in sugar accelerated today after the Brazilian real (^USDBRL) tumbled to a 2-1/4 month low against the dollar. The weaker real encourages export selling by Brazil's sugar producers.
