USA: Sugar futures close lower after rising more than 3.6% on Thursday

Sugar futures contracts closed lower last Friday (21) after rising 3.61% on ICE Futures in New York on Thursday. The sixth saw price adjustments, with little business due to the Tiradentes national holiday in Brazil, the main producer and exporter of the commodity in the world. According to the director of Archer Consulting, Arnaldo Luiz Corrêa, "the devaluation of the real against the American currency, of 2.88% (closed at R$ 5.0496) in the accumulated result for the week, resulted in an increase of 179 reais per ton of appreciation in the NY sugar price. The arithmetic average of the values calculated for the 23/24 harvest (closing from May/23 to March/24) reverted to R$ 2.888 per ton. For the 24/25, the increase was 98 reais per ton and on 25/26, 59 reais per ton". "The May/23 contract reached 25.63 cents per pound in the Friday session, and then closed the week at 24.83. This was the highest price in cents per pound since the 26 of March 2012, therefore 11 years ago. On that ...