July NY world sugar #11 (SBN23) on Wednesday closed down -0.08 (-0.33%), and Aug London white sugar #5 (SWQ23) closed down -1.70 (-0.25%).
Sugar prices Wednesday posted modest losses but remained above Tuesday's 6-week lows. The ongoing sugar harvest in Brazil has been weighing on prices over the past two weeks. On May 18, Unica reported Brazil's 2023/24 sugar production through mid-May was up +48% y/y at 4.063 MMT and that the percentage of sugarcane crushed for sugar rose to 45.6% from 38.5% last year. In addition, Conab on Apr 26 forecasted that Brazil's 2023/24 sugar output would climb +4.7% y/y to 38.8 MMT, the second most ever, as crops recover from the previous season's adverse weather.
