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Barchart
Barchart
Rich Asplund

Sugar Prices Slide on Strong Brazil Sugar Production and Brazilian Real Weakness

Brazil India London NY Thailand El Nino Ethanol the Indian Sugar and Bioenergy Manufacturers Association USDA

May NY world sugar #11 (SBK24) this morning is down -0.29 (-1.42%), and May London ICE white sugar #5 (SWK24) is down -12.90 (-2.05%).

Sugar prices this morning are moderately lower, with NY sugar dropping to a 3-1/2 month low and London sugar falling to a 3-1/2 week low.  Increased sugar output in Brazil is undercutting sugar prices after Unica last Friday reported that Brazil's Center-South sugar output in the second half of March was 183,000 MT, up +9% from last year.  Also, Brazilian sugar output so far in the 2023-24 marketing year through March is up +25.7% y/y to 42.425 MMT.  Brazil's sugar mills have ramped up their cane crushing for more sugar and less ethanol.  Mills have crushed 48.87% of total cane for sugar production this year, up from 45.86% last year.

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