October NY world sugar #11 (SBV24) on Tuesday closed down -0.51 (-2.53%), and Aug London ICE white sugar #5 (SWQ24) closed down -7.00 (-1.25%).
Sugar prices Tuesday fell sharply, with NY sugar posting a 1-1/2 week low and London sugar posting a 2-1/2 week low. Above-normal monsoon rain in India may boost sugar output and is a bearish factor for sugar prices. The Indian Meteorological Department reported Monday that India received 225.7 mm of rain during the current monsoon season as of July 7, up +2% from the comparable long-term average of 221.6 mm.
