October NY world sugar #11 (SBV25) today is down -0.40 (-2.38%), and October London ICE white sugar #5 (SWV25) is down -12.40 (-2.54%).
Sugar prices today are sharply lower on the outlook for higher sugar production in Brazil. Datagro said today that dry weather in Brazil has encouraged the country's sugar mills to increase their cane crushing, diverting more of the cane crush toward more profitable sugar production rather than ethanol. According to Covrig, Brazil's sugar mills are expected to crush 54% of the available cane in the first half of this month, likely adding 3.2 MMT of sugar into the market.
