USA: Fear of the Asian crop makes stocks soar in this 5th, London tests 10-year peak

Published 2023년 3월 30일

Tridge summary

Sugar futures prices have surged in the Thursday session on the New York and London stock exchanges, with the white type reaching a 10-year peak. The most traded month of raw sugar on the New York Stock Exchange rose 3.34%, quoted at 21.96 cents/lb, and in London, the first contract increased by 1.99%, at US$ 630.70 a tonne. The market is worried about the supply, especially from Asia, with India, the world's second-largest exporter, expected to produce less sweetener this season. The financial sector and oil prices also supported the rise in sugar prices, while a slight drop in the dollar against the real discouraged exports and supported sweetener prices.

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Original content

Sugar futures prices soared in this Thursday's (30th) session on the New York and London stock exchanges. The white type tested 10 year peak. The market is concerned about supply due to the Asian crop, in addition to financial fluctuations. The most traded month of raw sugar on the New York Stock Exchange rose 3.34%, quoted at 21.96 cents/lb, with a high of 22 cents/lb and a low of 21.30 cents/lb. In London, the first contract was up 1.99% on the day, at US$ 630.70 a tonne. After having a session without a clear direction the day before, sugar prices started this Thursday with an increase in the stock exchanges with adjustments. In addition, market operators are concerned with supply, especially in Asia. “The prospect of tighter global sugar supply has pushed sugar prices higher,” Barchart reported. Maharashtra, India's main sugar producing state, is expected to produce less sweetener this season than previously estimated, according to a report this week by Reuters news agency. ...

Source: NoticiasAgricolas