Sugar closes lower in New York in the US and in London in the United Kingdom

Published 2023년 1월 20일

Tridge summary

The article discusses the anticipation of a good 2023/24 crop in Brazil's Center-South region due to favorable rainfall. With India exporting less sugar, global prices could rise, potentially allowing Brazil and Thailand to increase their exports. However, sugarcane production is down from the previous year, meaning there may not be enough for additional exports. The article also notes a decrease in raw and white sugar prices on ICE Futures in New York and ICE Europe in London, while crystal sugar rose slightly. Hydrated ethanol prices also decreased in Paulínia's Daily Indicator.

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

Original content

The session was attentive to the positive expectations regarding the 2023/24 crop in the Center-South region of Brazil. For the time being, the registered rains are excellent for the new season's cane fields. In addition, lower sugar exports from India could lift global prices, and allow Brazil and Thailand to increase shipments. According to a Reuters source, sugarcane production was much lower than last year. Production is not sufficient to allow additional exports. On ICE Futures in New York, raw sugar in the March/23 contract, traded at 19.68 cents per pound, fell by 14 points. The May/23 contract, traded at 18.41 cents per pound, fell by 13 points. ICE Europe in London points out that white sugar in the March/23 contract, traded at US$ 546.50, also fell by US$ 5.10. The May/23 contract, traded at US$530.30, also fell by US$4.50. The other batches of international exchanges also closed down. ...

Source: Portal Do Agronegocio