March NY world sugar #11 (SBH24) on Thursday closed down -0.68 (-3.25%), and March London ICE white sugar #5 (SWH24) closed down -19.10 (-3.15%).
Sugar prices Thursday sold off, with NY sugar posting a 9-3/4 month low and London sugar posting a 9-month low. Sugar prices have been hammered over the last five weeks as Brazil ramps up sugar output. Last Tuesday, Unica reported Brazil's Center-South sugar output rose +35% y/y in the second half of November and that sugar output in the 2023/24 crop year through November rose +23.5% y/y to 40.817 MMT. Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month.
