October NY world sugar #11 (SBV25) on Monday closed down -0.45 (-2.68%), and October London ICE white sugar #5 (SWV25) closed down -13.50 (-2.77%).
Sugar prices settled sharply lower Monday on the outlook for higher sugar production in Brazil. Datagro said Monday that dry weather in Brazil has encouraged the country's sugar mills to increase their cane crushing, diverting more of the cane crush toward more profitable sugar production rather than ethanol. According to Covrig, Brazil's sugar mills are expected to crush 54% of the available cane in the first half of this month, likely adding 3.2 MMT of sugar into the market.
