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Barchart
Barchart
Rich Asplund

Sugar Prices Weighed Down as Brazil Ramps Up Sugar Production

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May NY world sugar #11 (SBK24) this morning is down -0.44 (-2.09%), and May London ICE white sugar #5 (SWK24) is down -8.90 (-1.48%).

Sugar prices this morning tumbled to fresh 2-month lows.  Rising sugar production in Brazil, the world's largest sugar producer, is bearish for prices.  Last Tuesday, Unica reported that Brazil's Center-South sugar output surged +1051% y/y in the first half of February to 27,000 MT and that sugar output in the 2023/24 crop year through mid-February rose +25.6% y/y to 42.158 MMT.  Meanwhile, more sugarcane is being crushed for sugar than ethanol, as 49.04% of cane was crushed in the 2023/24 crop year through mid-February for sugar production compared to 45.95% last year.

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