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Barchart
Barchart
Rich Asplund

Sugar Prices Supported by Excessive Dryness in Brazil

Brazil India NY Drought ISM London Thailand USDA

October NY world sugar #11 (SBV24) Tuesday closed up +0.57 (+2.53%), and December London ICE white sugar #5 (SWZ24) closed up +10.90 (+1.86%).

Sugar prices posted moderate gains on Tuesday, with NY sugar climbing to a 6-3/4 month high.   Drought conditions in Brazil have reduced the country's sugar production prospects and are pushing sugar prices higher.  Last Friday, Rabobank cut its 2024/25 Brazil sugar production forecast to 39.3 MMT from a previous forecast of 40.3 MMT, citing excessive dryness.

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