May NY world sugar #11 (SBK24) this morning is down -0.32 (-1.60%), and Aug London ICE white sugar #5 (SWQ24) is down -8.30 (-1.44%).
Sugar prices retreated today based on the outlook for a larger sugar output in Brazil. Conab, Brazil's crop agency, projected today that Brazil's 2024/25 sugar production will climb +1.3% y/y to a record 46.292 MMT as 2024/25 sugar acreage in Brazil is increased by +4.1% to 8.7 million hectares (21.5 million acres), the most in seven years. For the 2023/24 marketing year, however, Conab last Thursday cut its Brazil sugar production estimate by -2.6% to 45.7 MMT from a November estimate of 46.9 MMT.
