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Barchart
Barchart
Rich Asplund

Sugar Prices Tumble as Supply Concerns Wane

Brazil India El Nino London USDA

March NY world sugar #11 (SBH24) on Wednesday closed down -0.51 (-2.38%), and March London ICE white sugar #5 (SWH24) closed down -9.40 (-1.53%).

Sugar prices on Wednesday tumbled to  8-3/4 month lows.  Sugar prices have been under pressure for the last five weeks as Brazil ramps up sugar output.  Last Tuesday, Unica reported Brazil's Center-South sugar output rose +35% y/y in the second half of November and that sugar output in the 2023/24 crop year through November rose +23.5% y/y to 40.817 MMT.  Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month.

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