March NY world sugar #11 (SBH24) on Tuesday closed down -0.09 (-0.44%), and March London ICE white sugar #5 (SWH24) did not trade with markets in the UK closed for the Boxing Day holiday.
NY sugar on Tuesday tumbled to a 9-3/4 month low. Sugar prices have been hammered over the last six weeks as Brazil ramps up sugar output. On Tuesday, Unica reported Brazil's Center-South sugar output surged +205% y/y in the first half of December and that sugar output in the 2023/24 crop year through mid-December rose +25.2% y/y to 41.746 MMT. Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month.
