October NY world sugar #11 (SBV24) on Monday closed down -0.02 (-0.11%), and Oct London ICE white sugar #5 (SWV24) closed up +0.10 (+0.02%).
Sugar prices Monday posted significant lows as NY sugar fell to a 1-3/4 year nearest-futures low, and London sugar dropped to a 2-1/3 year low. Optimism that above-average monsoon rains in India will lead to a bumper sugar crop is undercutting sugar prices. The Indian Meteorological Department reported Monday that India received 512.5 mm of rain during the current monsoon season as of August 4, up +6% from the comparable long-term average of 481.9 mm. India's monsoon season runs from June through September.
