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Barchart
Rich Asplund

Sugar Prices Surge on Forecasts for a Global Sugar Deficit

Deficit India London NY El Nino Thailand USDA

Oct NY world sugar #11 (SBV23) on Tuesday closed up +0.84 (+3.25%), and Oct London white sugar #5 (SWV23) closed up +16.70 (+2.29%).

Sugar prices Tuesday rallied sharply, with NY sugar climbing to a 4-1/2 month high and London sugar posting a 12-year high.  Sugar prices surged Tuesday after Alvean, the world's largest sugar trader, said it expects a 2023/24 global sugar deficit of -5.4 MMT, the sixth year of deficits, as India may curb sugar exports and Thailand farmers plant more profitable cassava instead of sugarcane.

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