July NY world sugar #11 (SBN26) today is up +0.36 (+2.58%), and Aug London ICE white sugar #5 (SWQ26) is up +9.90 (+2.13%).
Sugar prices are sharply higher today for a third session, with NY sugar posting a 3-week high and London sugar posting a 9.5-month nearest-futures high. Sugar prices are soaring amid concerns that weak monsoon rains in India will lower sugar yields and reduce the country’s sugarcane harvest, the world’s second largest. India’s Meteorological Department reported today that India’s cumulative monsoon rainfall was 42% below normal as of June 29. India’s Earth Science Ministry warns that this year’s monsoon in India could be the weakest in 11 years. India’s monsoon season runs from June through September.
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