News

Brazil: Sugar closes lower in the US and UK stock exchanges with profit-taking and crushing data

Sugar
United Kingdom
Published Mar 28, 2024

Tridge summary

Sugar futures contracts have seen a downturn in both New York and London markets, attributed to profit-taking activities and a drop in oil prices. This decline comes despite Brazil, the leading sugar producer, reporting a significant uptick in sugar production from April 1, 2023, to March 15, 2024. On the domestic front, Brazil witnessed a slight increase in crystal sugar prices and a continuous rise in hydrated ethanol prices for the 13th consecutive day, reflecting a complex interplay of international and local market dynamics.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Sugar futures contracts ended lower on several international exchanges this Wednesday (27), driven by profit-taking movements and attentive to sugarcane crushing indicators, especially in Brazil, the main global player in the commodity. The devaluation was also influenced by the fall in oil prices. On ICE Futures in New York, the contract for May 2024 was quoted at 22.19 cents per pound, representing a drop of 20 points compared to the previous day. The contract for July 2024 recorded a decrease of 14 points, reaching 21.87 cts/lb. Other negotiations varied between 3 and 9 points of decline, with the exception of the contract for March 2026, which remained stable at 20.25 cts/lb. In London, the first six ICE Futures Europe screens for white sugar closed lower. The contract for May 2024 was traded at US$645.60 per ton, representing a devaluation of US$7.80 compared to the previous day. Meanwhile, the contract for August 2024 fell 1.80 dollars, trading at US$ 624.60 per ton. ...
Source: Portal Do Agronegocio

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