Global sugar market rises in October as Asian supply reduces

International sugar prices rose in October, although less so than in previous months. On the New York Stock Exchange (ICE Futures US), the raw sugar contract for March delivery closed the trading session on October 31 at 22.74 cents per pound, an increase of 1.2% compared to the 22.47 cents recorded on August 30. Maurício Muruci, an analyst at Consultoria Safras & Mercado, points out that the upward scenario was driven, in part, by the drop in exports from Thailand in September, which totaled 279 thousand tons — a reduction of 5.6% compared to the same period last year. The 2024/25 Asian harvest is expected to start crushing 20 to 30 days late at mills in India and Thailand due to the monsoon season, which lasted until the first weeks of October, when it should have ended in September. This delay in the Asian harvest, combined with the early end of the 2024/25 harvest in the Center-South of Brazil, will prolong the period of supply shortage in the global market. This scenario ...