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Barchart
Barchart
Rich Asplund

Sugar Prices Supported by Expectations of Smaller Global Supplies

India Thailand the Indian Sugar and Bioenergy Manufacturers Association Brazil Conab London NY Unica USDA

July NY world sugar #11 (SBN24) on Tuesday closed up +0.47 (+2.41%), and Aug London ICE white sugar #5 (SWQ24) closed up +13.70 (+2.40%).

Sugar prices rallied Tuesday to 3-week highs.   Sugar has carryover support from Monday when the Indian Sugar and Bioenergy Manufacturers Association reported that India's 2023/24 sugar production from Oct-Apr fell -1.6% y/y to 31.4 MMT as more sugar mills closed for the year and ended their sugarcane crush.  As of Apr 30, 516 Indian sugar mills had closed operations compared with 460 mills that closed at the same time last year.

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