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Barchart
Barchart
Rich Asplund

Sugar Prices Under Pressure from Strong Brazil Sugar Output

March NY world sugar #11 (SBH24) on Friday closed down -0.19 (-0.86%), and March London ICE white sugar #5 (SWH24) closed down -3.80 (-0.60%).

Sugar prices Friday posted moderate losses but remained above Thursday's 8-1/2 month lows.  Sugar prices have been under pressure for the last five weeks as Brazil ramps up sugar output.  On 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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