Scarce rains in the Center-South of Brazil drive a rise in sugar prices on international stock exchanges

Sugar futures contracts closed higher on international stock exchanges on Thursday (21), driven by the lack of rain in the Center-South of Brazil, the main producing region of the commodity, and the review of the 2023/24 harvest. According to information released by the Notícias Agrícolas portal, concerns about excessive drought in Brazil have stimulated coverage of positions in sugar futures, based on forecasts of limited rain over the next week in the Center-South of Brazil, the country's main producing region. . At ICE Futures in New York, all raw sugar lots closed at a higher value. The most liquid contract, expiring in May 2024, was sold at 22.06 cents per pound, registering an appreciation of 29 points compared to the previous day's prices. The July/24 screen rose 31 points, reaching 21.78 cts/lb, while the other contracts fluctuated upwards between 15 and 32 points. StoneX announced drastic revisions to its estimates, forecasting total sugarcane crushing at 602 million ...