
March NY world sugar #11 (SBH24) on Monday closed down -0.68 (-3.09%), and March London ICE white sugar #5 (SWH24) closed down -14.20 (-2.27%).
Sugar prices Monday sold off sharply, with London sugar posting a fresh 8-1/2 month low and NY sugar holding just above last Thursday's 8-1/2 month low. Sugar prices have been under pressure for the last five weeks as Brazil ramps up sugar output. Last Tuesday, Unica reported Brazil's Center-South sugar output rose +35% y/y in the second half of November and that sugar output in the 2023/24 crop year through November rose +23.5% y/y to 40.817 MMT. Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month.