October NY world sugar #11 (SBV24) today is down -0.28 (-1.36%), and Aug London ICE white sugar #5 (SWQ24) is down -7.80 (-1.33%).
Sugar prices today are moderately lower and are weighed down on negative carryover from Wednesday when the Indian Sugar and Bio-energy Manufacturers Association (ISM) forecasted India's 2023/24 sugar reserves at 9.1 MMT and a surplus of 3.6 MMT and urged the government to reconsider permitting exports of surplus sugar. India extended restrictions on sugar exports from October 31 until further notice to maintain adequate domestic supplies. India allowed mills to export only 6.1 MMT of sugar during the 2022/23 season to September 30 after allowing exports of a record 11.1 MMT in the previous season. India is the second-largest sugar producer in the world.
