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Barchart
Rich Asplund

Sugar Prices Sag as Sugar Output in Brazil Climbs

Brazil India London Unica ISMA USDA

July NY world sugar #11 (SBN23) on Thursday closed down -0.18 (-0.72%), and Aug London white sugar #5 (SWQ23) closed down -6.00 (-0.86%).

Sugar prices Thursday closed moderately lower, with London sugar falling to a 4-week low.  Ramped-up Brazil sugar production is bearish for prices after Unica last Thursday reported  Brazil's 2023/24 sugar production through mid-May was up +48% y/y at 4.063 MMT and that the percentage of sugarcane crushed for sugar rose to 45.6% from 38.5% last year.  Conab on Apr 26 forecasted that Brazil's 2023/24 sugar output would climb +4.7% y/y to 38.8 MMT, the second most ever, as crops recover from the previous season's adverse weather.

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