Sugar on the rise: OIA raises deficit forecast and impacts global markets

Sugar futures contracts closed higher on Wednesday (28) on both the New York (raw sugar) and London (white sugar) exchanges, reflecting the adjustment in the commodity deficit forecast for the current harvest, released by the OIA – International Sugar Organization. The estimate now points to a deficit of 689 thousand tons, compared to the 335 thousand tons previously predicted. On ICE Futures in New York, the contract for March/24 was traded at 24.01 cents per pound, registering an appreciation of 17 points, or 0.7%, compared to the previous day's prices. Meanwhile, the contract for May/24 rose 1 point, trading at 22.69 cts/lb. The other contracts presented variations between 1 and 5 points. On ICE Futures Europe in London, all white sugar contracts closed higher on Wednesday. The maturity for May/24 was sold at US$ 635.00 per ton, an increase of 3.30 dollars compared to the previous day. The contract for August/24 rose by 4.20 dollars, being traded at US$ 620.40 per ton. The ...