Critical scenario for sugarcane in Brazil loses strength and sugar prices fall up to 4.06% in NY

Published 2024년 12월 17일

Tridge summary

The article reports a decrease in sugar prices on the New York and London stock exchanges, with the March/25 contract dropping by up to 4.06% and 2.5% respectively. This decline is attributed to the market's reduced concerns over Brazilian production and the devaluation of the Brazilian real. Despite Unica's report showing less severe impacts on the Center-South's sugarcane crushing, prices have been gradually falling since September. Additionally, the article mentions that Thailand's production could potentially add 2 million tons to the market, which could further pressure prices. Brazil's sugar and ethanol trader, Leonardo Silvestre, predicts that a floor for the November/25 contract at 19 cents/lbp is plausible, considering the attractive remuneration in reais and the tight availability of sugar for export.

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

Original content

Declines of up to 4.06% were recorded on the New York Stock Exchange this Tuesday (17). With this decline, the March/25 contract lost the support of 20 cents/lbp and returned to the level of 19 cents/lbp, which it had sustained for three months. In London, prices also fell and lost around 2.5% among the main contracts. This reduction occurs at a time when the market is feeling more relieved about the concerns it had regarding Brazilian production. On the New York Stock Exchange, the March/25 contract fell 0.84 cents (-4.06%), closing the day at 19.84 cents/lbp. May/25 lost 0.67 cents (-3.49%), quoted at 18.53 cents/lbp, while July/25 fell 0.49 cents (-2.64%), worth 18.06 cents/lbp. October/25 fell 0.40 cents (-2.17%), closing at 18.02 cents/lbp. In London, futures contracts also closed lower. March/25 fell US$ 14.40 (-2.72%), closing the day at US$ 515.00 per ton. May/25 fell US$ 13.70 (-2.58%), quoted at US$ 516.90 per ton. August/25 lost US$ 11.10 (-2.15%), closing the session ...

Source: NoticiasAgricolas