March NY world sugar #11 (SBH27) is up +0.78 (+3.91%) today, and December London ICE white sugar #5 (SWZ26) is up +16.20 (+3.05%).
Sugar prices are rallying sharply for a second session today, with NY sugar posting a 19-month nearest-futures high and London sugar posting a 1.5-month high. Weather risks are fueling fund buying of sugar futures. Ongoing rains in Brazil’s Center-South sugar-growing region have slowed sugar harvesting and are disrupting cane crushing at Brazil’s sugar mills, curbing supplies.