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Barchart
Barchart
Rich Asplund

Sugar Prices Surge to 11-Year Highs as Global Supplies Shrink

India London Brazil ISMA

May NY world sugar #11 (SBK23) on Tuesday closed up +0.81 (+3.44%), and May London white sugar #5 (SWK23) closed up +29.30 (+4.35%).

Sugar prices Tuesday rallied sharply to 11-year nearest-future highs.  Fund buying is pushing sugar futures higher on signs of even tighter global supplies after India's Food Secretary said India might not allow additional sugar exports this year due to lower-than-expected sugar production.  India has allowed only 6 MMT of sugar exports in 2022/23 after permitting 11.2 MMT in 2021/22, down -46% y/y.  Also, the Indian Sugar Mills Association (ISMA) reported India's Oct-Mar sugar production fell -3.3% y/y to 29.96 MMT last Wednesday.  India is the world's second-largest sugar producer.

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