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Rich Asplund

Sugar Prices Settle Higher as Conab Cuts its Brazil Sugar Production Estimate

Conab Brazil India Ethanol London Thailand NY USDA

May NY world sugar #11 (SBK24) on Thursday closed up +0.27 (+1.40%), and Aug London ICE white sugar #5 (SWQ24) closed up +9.60 (+1.72%).

Sugar prices Thursday moved higher as short covering emerged in sugar futures when Conab cut its Brazil 2023/24 sugar production estimate by -2.6% to 45.7 MMT from a November estimate of 46.9 MMT. Conab's Brazil sugar production estimate was reduced since Conab raised its Brazil 2023/24 ethanol production estimate to 29.7 bln liters from a November estimate of 28 billion liters.

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