March NY world sugar #11 (SBH24) on Friday closed down -0.19 (-0.86%), and March London ICE white sugar #5 (SWH24) closed down -3.80 (-0.60%).
Sugar prices Friday posted moderate losses but remained above Thursday's 8-1/2 month lows. Sugar prices have been under pressure for the last five weeks as Brazil ramps up sugar output. On 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.
