US: Sugar in NY has a mixed close, but production concerns remain in India

Published 2023년 2월 21일

Tridge summary

Sugar futures prices in NY had mixed results, with the March maturity decreasing by 0.4% and the May and July contracts increasing. The market has been supported since last Friday, following India's decision to limit additional sugar exports beyond the authorized 6.1 MMT due to concerns about a smaller sugar crop leading to a domestic supply shortage. India is the world's second largest sugar producer. Recent reports suggest that Indian sugar production may be revised downwards to 33.5 million tons, from initial projections of over 36 million tons, due to early cane maturation and weight loss.

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

Original content

Sugar futures prices ended the session this Tuesday (21) with mixed prices in NY. The March maturity dropped 0.4% and closed at 21.33 cents/lb. The other contracts had a positive day with May at 19.93 cents/lb and July at 19.42 cents/lb. According to an analysis by the international website Barchart, sugar prices have been supported since last Friday (17), when India said it would not allow additional exports of the product beyond the 6.1 MMT already authorized for this season. The government is concerned that a smaller sugar crop in that country could restrict domestic supply this year, so it has decided not to allow additional exports. India is the world's second largest producer of sugar. On Reuters, traders said that sugar, despite the minor setback, continues to draw support from rumors that production in India will fall rapidly this season as cane ...

Source: NoticiasAgricolas