March NY world sugar #11 (SBH25) today is up +0.51 (+2.36%), and March London ICE white sugar #5 (SWH25) is up +15.80 (+2.85%).
Sugar prices today rallied to 1-week highs on the prospects of further seasonal mill closures in Brazil to curb the country's sugar production. Wilmar International projects the number of closed sugar mills in Brazil, currently at 38, to more than triple this month, sharply reducing the country's sugar output. Sugar mills in Brazil typically stop processing cane during the wetter months of December and January and can resume operations as early as March, depending on the weather. However, recent heavy rains this month have led to sugar mills closing earlier than expected.
