Awaiting data from Unica, US's New York records higher sugar prices

Published 2023년 8월 24일

Tridge summary

The price of sugar in the electronic session of the New York Commodity Exchange (ICE) is higher, benefiting from good oil prices and the performance of other commodities like coffee and cotton. The appreciation of the dollar is exerting pressure. Investors are awaiting the release of the fortnightly update report on the 2023/24 sugarcane harvest in the Center-South region, and rumors of a potential ban on sugar exports in India caused the market to initially weaken. However, the strong crop in Brazil contributed to a rebound in prices.

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

Original content

Sugar operates with higher prices in the electronic session of the New York Commodity Exchange (ICE). The market operates in positive territory, benefiting from good oil prices and accompanying its neighbors, such as coffee and cotton. The appreciation of the dollar against other currencies acts as pressure. Investors are positioning themselves for the fortnightly update report of the 2023/24 sugarcane harvest in the Center-South region referring to the first half of August, which will be released today, at 11:00 am (Brasília time), by the Sugar Industry Union Sugarcane and Bioenergy (Unica). Contracts expiring in October/2023 operate at 24.03 cents per pound, up 0.18 cents or 0.75%. On Wednesday (23), raw sugar ended the electronic auction with rising prices. Contracts for delivery in October/2023 ended the day at 23.85 cents per pound, up 0.45 cents (or 1.92%) compared to the previous close. The March/2023 position closed quoted at 24.18 cents (+1.98%). The market advanced with ...

Source: CanalRural