USA: Sugar retreats in New York and London stock exchanges this morning of the 6th with profit taking

Published 2023년 2월 24일

Tridge summary

Sugar futures contracts experienced a slight to moderate decline on the New York and London stock exchanges on Friday morning. The drop was due to a profit-taking movement after the first contract hit 21 cents/lb in New York. Raw sugar fell 0.64% in the main contract on the New York Stock Exchange, and 0.73% in London. The market is keeping an eye on the 2023/24 crop in Brazil's Center-South region, which is expected to begin in April, but there are concerns about some Asian origins. The market is also closely monitoring movements in oil and exchange rates.

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

Original content

Sugar futures contracts had a slight to moderate fall on the New York and London stock exchanges this Friday morning (24). The market feels pressure from a profit-taking movement after hitting 21 cents/lb in the first contract. At around 8:49 am (Brasília time), raw sugar was down 0.64% in the main contract on the New York Stock Exchange (ICE Futures US), at 20.21 cents/lb. In London, the drop was 0.73%, at US$ 570.50 a tonne. After rising in the previous session, including the first contract month in New York reaching 21 cents/lb, the sugar market feels natural pressure to take profits this morning. However, attention is still paid to the origins. Expectations are positive with the 2023/24 crop in the Center-South of Brazil, which will begin in April. However, there are concerns about some Asian origins. In ...

Source: NoticiasAgricolas