Tridge summary
Sugar futures for delivery in March/2024 closed at 26.04 cents per pound, marking a 3% drop from the previous close and a 3.87% loss in November. The weakening market is influenced by expectations of a record harvest in Brazil in 2023, with sugar production estimated to increase by 27.4% due to favorable weather conditions. The devaluation of the real against the dollar and the decline in international oil prices on the last trading day of the month further contributed to the negative sentiment in the sugar futures market.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Contracts for delivery in March/2024 closed the day at 26.04 cents per pound, registering a drop of 0.82 cents (or 3%) in relation to the previous closing and accumulating a loss of 3.87% throughout November. The May/2024 position closed at 25.04 cents (-2.68%). The market remains in a weakening phase, influenced by the prospect of a record harvest in Brazil in 2023. According to data from the National Supply Company (Conab), sugar production in Brazil in the 2023/24 harvest reached 46.88 million tons , representing a significant increase of 27.4%, driven by favorable weather conditions that increased sugarcane productivity. The last trading day of the month ...
Source: Portal Do Agronegocio
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