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Barchart
Rich Asplund

Sugar Prices Sink as India Eases Sugar Export Restrictions

India London NY Brazil ISO Thailand USDA

March NY world sugar #11 (SBH25) today is down -0.43 (-2.36%), and March London ICE white sugar #5 (SWH25) is down -4.90 (-1.03%).

Sugar prices extended their 3-1/2 month-long sell-off today, with NY sugar posting a 5-month nearest-futures low, and London sugar posting a 3-1/3 year low.  An improving global sugar supply outlook is weighing on sugar prices.  On Monday, India said it would allow its sugar mills to export 1 MMT of sugar this season, easing restrictions it placed on sugar exports in 2023.  India has restricted sugar exports since October 2023 to maintain adequate domestic supplies.  India allowed mills to export only 6.1 MMT of sugar during the 2022/23 season to September 30 after allowing exports of a record 11.1 MMT in the previous season.  

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