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Barchart
Barchart
Rich Asplund

Sugar Prices Slump on Improving Global Supplies

March NY world sugar #11 (SBH24) on Tuesday closed up +0.12 (+0.53%), and March London ICE white sugar #5 (SWH24) closed up +2.00 (+0.31%).

NY sugar on Tuesday fell to a new 8-1/2 month low but then recovered on some short-covering to closed mildly higher.  In a bearish factor, Unica on Tuesday said that 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.

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