Brazilian sugar will represent 22.8% of global food production in the 2023/24 harvest

Published 2023년 10월 2일

Tridge summary

The sugar market has remained unchanged in terms of trend, with prices continuing to rise. Factors such as adverse weather conditions in Asian markets and lower supply in Thailand, along with the potential absence of exports from India, are contributing to the rise in prices. India's sugar production is expected to decrease due to a lack of rainfall, leading to a potential drop of 8.5% compared to the previous year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The sugar market outlook, since the end of July, has not changed in terms of trend, StoneX stated in a recent estimate of the global balance of the commodity. The survey shows that in two months, the continuous NY#11 contract rose more than 200 points, around 10.4%, and March/24, more liquid at the moment, consolidated above US¢ 27.00/lb , the highest level since October 2011. According to the consultancy, one of the indicators consolidated in recent months was the spread between the second screen and the first, which certainly operated at more than 20 points, setting the tone for operations and the food balance : expectation of even tighter inventories in the medium term. READ MORE > Inpasa announces new corn ethanol plant in Balsas, Maranhão “In August, the weather in Asian markets was not beneficial for the development of crops in the main producers, putting strong pressure on future prices. In this sense, even if the Brazilian Center-South is heading towards record figures (in ...

Source: Jornalcana