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Barchart
Barchart
Rich Asplund

Sugar Prices Surge as Drought and Fires Threaten Brazil's Sugar Production

Brazil Drought India London NY Thailand ISM USDA

October NY world sugar #11 (SBV24) today is up +0.93 (+4.24%), and December London ICE white sugar #5 (SWZ24) is up +21.50 (+3.78%).

Sugar prices today added to this week's parabolic rally, with NY sugar posting a 6-3/4 month high and London sugar posting a 2-1/2 month high.  Sugar prices are soaring as drought conditions in Brazil threaten its sugarcane crops.  Gains in sugar accelerated today after Rabobank cut its 2024/25 Brazil sugar production forecast to 39.3 MMT from a previous forecast of 40.3 MMT.

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