Brazil: Raw sugar plummets on the US and UK Stock Exchange with pressure from the dollar and drops to 25 cents/lb

Sugar futures prices plummeted on the New York and London stock exchanges this Tuesday (03), dropping to five-week lows. The sweetener market was impacted by the exchange rate, in addition to following information about the progress of the 2023/24 harvest in the Center-South of Brazil. The most traded maturity date for raw sugar on the New York Stock Exchange fell by 2.58%, to 25.67 cents/lb, with a maximum of 26.44 cents/lb and a minimum of 25.59 cents/lb. In London, the first contract fell 1.80%, to US$689.10 per ton. The sugar market extended the losses of the previous session this Tuesday, with traders still paying close attention to data on the progress of the 2023/24 harvest in the Center-South of Brazil, which tends to be very positive in this cycle, unlike in Asia. The Sugarcane and Bioenergy Industry Union (Unica) reported last week that in the first half of September, sugar production in the Center-South totaled 3.12 million tons. This quantity, when compared to that ...