Oct NY world sugar #11 (SBV23) on Friday closed up +0.54 (+2.22%), and Oct London white sugar #5 (SWV23) closed +16.00 (+2.31%).
Sugar prices Friday posted moderate gains, with NY sugar climbing to a 1-month high and London sugar climbing to a 1-week high. Sugar has carryover support from Wednesday on reports that India will ban sugar exports. On Wednesday, Reuters reported that India is expected to ban sugar mills from exporting sugar in the 2023/24 season beginning in October as a lack of monsoon rain reduced the country's sugar crop. According to India's weather bureau, the state of Maharashtra, which accounts for 37% of India's sugar output, has received as much as 20% less rain than normal since the start of the season. India's food ministry said it will make a final decision about sugar exports for 2023/24 when actual estimates of total production are available. India allowed mills to export only 6.1 MMT of sugar during the current 2022/23 season to September 30 after letting them export a record 11.1 MMT last season.
