Sugar plummets more than 3% on the NY Stock Exchange, US, and closes 6th below 20 cents/lb

Published 2023년 2월 24일

Tridge summary

Sugar futures prices have seen a significant decline on the New York and London stock exchanges due to profit-taking and data from Brazil. The most traded raw sugar maturity on the New York Stock Exchange fell by 3.29% to 19.67 cents/lb, while in London, the first contract dropped by 2.21% to US$ 562 a tonne. The market is also keeping an eye on the crop from India, the world's second-largest global exporter, as it faces climate impacts on the 2022/23 harvest. The International Sugar Organization predicts a surplus for the 2022/23 season, but has cut its estimate due to lower-than-expected production in some areas. The appreciation of the dollar against the real has put pressure on the sweetener market, but oil was up about 1% on the day. In Brazil, the CEPEA/ESALQ Indicator for sugar in São Paulo was traded at R$ 132.00 per 50 kg bag, up 0.09%, while in the North and Northeast regions, sugar was quoted at R$ 143.75 per bag.

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

Original content

Sugar futures prices ended this Friday's session (24) with a significant drop on the New York and London stock exchanges. The market is impacted by a profit-taking movement, in addition to financial and data from Brazil. The most traded maturity of raw sugar on the New York Stock Exchange fell 3.29%, to 19.67 cents/lb, with a high of 20.43 cents/lb and a low of 19.63 cents/lb. In London, the first contract retreated 2.21% on the day, at US$ 562 a tonne. The sweetener market started this Friday's session already with losses on the stock exchanges in a profit-taking movement, but the scenario was expanded with the financial, in addition to data on the 2023/24 crop in the Center-South of Brazil. The new sugarcane season in the country tends to be positive, as rains have been recorded in the belt in recent months. The Reuters news agency brought this Friday that StoneX expects the sugarcane crop to result in more ethanol in this year of 2022, but the mix will still be maximized for ...

Source: NoticiasAgricolas