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Barchart
Barchart
Rich Asplund

Threats to Brazil's Sugar Production Send Sugar Prices Soaring

Brazil India London NY Thailand ISM USDA

October NY world sugar #11 (SBV24) Friday closed up +0.73 (+3.33%), and December London ICE white sugar #5 (SWZ24) closed up +16.30 (+2.87%).

Sugar prices Friday extended this week's parabolic rally, with NY sugar posting a 6-3/4 month high and London sugar posting a 2-1/2 month high.  Sugar prices are soaring as drought conditions in Brazil threaten its sugarcane crops.  Gains in sugar accelerated Friday after Rabobank cut its 2024/25 Brazil sugar production forecast to 39.3 MMT from a previous forecast of 40.3 MMT.

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