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Barchart
Barchart
Rich Asplund

Sugar Prices Under Pressure as Brazil Ramps Up Sugar Production

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

May NY world sugar #11 (SBK24) on Friday closed down -0.40 (-1.92%), and May London ICE white sugar #5 (SWK24) closed up +1.00 (+0.16%).

Sugar prices Friday settled mixed, with NY sugar falling to a 3-1/2 month low.  Increased sugar output in Brazil is undercutting sugar prices after Unica on Friday reported that Brazil's Center-South sugar output in the second half of March was 183,000 MT, up +9% from last year.  Also, Brazilian sugar output so far in the 2023-24 marketing year through March is up +25.7% y/y to 42.425 MMT.  Brazil's sugar mills have ramped up their cane crushing for more sugar and less ethanol.  Mills have crushed 48.87% of total cane for sugar production this year, up from 45.86% last year.

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