Oct NY world sugar #11 (SBV23) on Thursday closed +0.46 (+1.90%), and Oct London white sugar #5 (SWV23) closed +13.10 (+1.94%).
Sugar prices Thursday closed moderately higher, with NY sugar posting a 3-1/2 week high. Sugar prices have support from excessive dryness in Thailand, the world's third-largest sugar producer, which may curb the country's sugar production. So far this year, rainfall in Thailand is 28% below the same period last year, and the onset of the El Nino weather system could lower precipitation even further over the next two years. Czarnikow Group predicts Thai sugar production this year could fall for the first time in three years and may drop to the second lowest since 2009/10.
