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Barchart
Barchart
Rich Asplund

Weak Demand and Ample Supplies Sink Sugar Prices

India USDA London NY ISMA Thailand

October NY world sugar #11 (SBV25) on Tuesday closed down -0.50 (-3.09%), and August London ICE white sugar #5 (SWQ25) closed down -10.20 (-2.16%).

Sugar prices on Tuesday sold off sharply, with NY Oct sugar falling to a new contract low and London sugar dropping to a 1-1/2 week low.  Signs of weak demand amid expectations of larger sugar supplies are weighing on prices.  45,112 MT of NY sugar was delivered to settle the July sugar contract that expired on Monday, the smallest amount delivered for a July contract in 11 years, a sign of weak demand.  On Monday, nearest-futures (SBN25) NY sugar posted a 4-1/4 year nearest-futures low.  

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