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Barchart
Barchart
Rich Asplund

Sugar Prices Weighed Down by Forecasts for Rain in Brazil

Brazil India Maxar Technologies Thailand El Nino ISMA USDA

May NY world sugar #11 (SBK24) this morning is down -0.20 (-0.94%), and May London ICE white sugar #5 (SWK24) is down -7.90 (-1.31%).

Sugar prices this morning are moderately lower on forecasts for rain in Brazil.  Forecaster Maxar Technologies said today that moderate rain is expected in Brazil's sugar-growing regions over the next five days, which fueled long liquidation in sugar futures.   Also, weakness in the Brazilian real (^USDBRL) weighed on sugar after the real today fell to a 1-week low against the dollar.  The weaker real encourages export selling from Brazil's sugar producers.

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