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Barchart
Barchart
Rich Asplund

Sugar Prices Underpinned by Outlook for Even Tighter Global Supplies

India ISMA London

May NY world sugar #11 (SBK23) on Monday closed up +0.34 (+1.41%), and May London white sugar #5 (SWK23) closed up +0.30 (+0.04%).

Sugar prices Monday closed higher and are just below last Wednesday’s 11-year high.  Signs of even tighter global supplies prompted fund buying of sugar futures over the past two weeks.  India's Food Secretary said India might not allow additional sugar exports this year due to lower-than-expected sugar production.  India has allowed only 6 MMT of sugar exports in 2022/23 after permitting 11.2 MMT in 2021/22, down -46% y/y.  Also, the Indian Sugar Mills Association (ISMA) reported India's Oct-Mar sugar production fell -3.3% y/y to 29.96 MMT.  India is the world's second-largest sugar producer.

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