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Barchart
Barchart
Rich Asplund

Sugar Prices Underpinned on Concerns the US May Curb Mexican Sugar ImportsSugar Prices Underpinned on Concerns the US May Curb Mexican Sugar Imports

United States India London NY Thailand El Nino Unica USDA

May NY world sugar #11 (SBK24) on Tuesday closed up +0.44 (+2.00%), and May London ICE white sugar #5 (SWK24) closed up +12.00 (+1.87%).

Sugar prices Tuesday extended Monday's rally, with NY sugar climbing to a 1-month high and London sugar posting a 6-week high.  Sugar rallied Tuesday on carryover support from Monday when US sugar producers called for a reduction in sugar imports from Mexico.  The American Sugar Coalition called on the US government to lower the amount of sugar Mexico can send to the US by 44%, which would likely boost prices and require the US to purchase sugar from other countries, tapping already tight global sugar supplies.

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