October NY world sugar #11 (SBV24) Tuesday closed down -0.21 (-1.16%), and Oct London ICE white sugar #5 (SWV24) closed down -8.30 (-1.61%).
Sugar prices on Tuesday posted moderate losses and are just above Monday's significant lows. NY sugar on Monday fell to a 1-3/4 year nearest-futures low, and London sugar dropped to a 2-1/3 year low on optimism that above-average monsoon rains in India will lead to a bumper sugar crop. The Indian Meteorological Department reported Monday that India received 512.5 mm of rain during the current monsoon season as of August 4, up +6% from the comparable long-term average of 481.9 mm. India's monsoon season runs from June through September.
