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Barchart
Barchart
Rich Asplund

Sugar Prices Retreat on Stronger Brazil Sugar Production

Brazil Unica El Nino ISO London USDA

Oct NY world sugar #11 (SBV23) on Wednesday closed -0.30 (-1.22%), and Oct London white sugar #5 (SWV23) closed -7.10 (-1.02%).

Sugar prices Wednesday retreated on negative carryover from Tuesday on signs of ramped-up sugar production in Brazil.  Unica reported Tuesday that Brazil Center-South sugar output in the first half of July rose +8.9% y/y to 3.241 MMT and that sugar output in the 2023/24 crop year through mid-July rose +21.9% y/y to 15.470 MMT.  Also, 48.14% of the crushed sugarcane was used for sugar production this year, an increase from 43.54% last year.

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