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Barchart
Barchart
Rich Asplund

FOUND: Sugar prices weighed down by improving supply prospects | Mind Blowing Facts

India NY London Thailand Ethanol the Indian Sugar and Bioenergy Manufacturers Association USDA

May NY world sugar #11 (SBK24) this morning is down -0.31 (-1.58%), and Aug London ICE white sugar #5 (SWQ24) is down -8.40 (-1.47%).

Sugar prices this morning extended their 2-week-long plunge, with NY sugar falling to a 15-month low and London sugar dropping to 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.

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