May NY world sugar #11 (SBK24) on Wednesday closed down -0.31 (-1.58%), and Aug London ICE white sugar #5 (SWQ24) closed down -10.70 (-1.88%).
Sugar prices Wednesday extended their 2-week plunge, with NY sugar posting a 15-month low and London sugar posting a 14-month low. Improved supply prospects are hammering sugar prices. Last Friday, Unica reported that Brazil's Center-South sugar output in the second half of March was 183,000 MT, up +9% from last year. Also, Brazilian sugar output so far in the 2023-24 marketing year through March is up +25.7% y/y to 42.425 MMT. Brazil's sugar mills have ramped up their cane crushing for more sugar and less ethanol. Mills have crushed 48.87% of total cane for sugar production this year, up from 45.86% last year.
