Sugar retreats in this sixth on the stock exchanges in the USA and UK with financial weight and data from Brazil

Published 2023년 3월 24일

Tridge summary

Sugar futures saw a decline in both New York and London stock exchanges despite highs reached earlier in the week, influenced by falling oil prices and information about the 2023/24 crop in the Center-South. The most traded raw sugar contract in New York fell 0.34%, quoted at 20.82 cents/lb, while in London, it decreased by 0.03%, priced at US$ 597.60 a tonne. The market is also monitoring oil prices and the upcoming sugarcane crushing season in Brazil, which is expected to increase sugar production, leading to a potential supply surge.

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

Original content

Sugar futures ended this Friday (24) with a drop in the New York and London stock exchanges, despite accumulating highs since the beginning of the week. The market on the day was pressured by oil, in addition to information on the 2023/24 crop in the Center-South. The most traded month of raw sugar on the New York Stock Exchange fell 0.34%, quoted at 20.82 cents/lb, with a high of 20.99 cents/lb and a low of 20.65 cents/lb. In London, the first contract was down 0.03% on the day, at US$ 597.60 a tonne. In the week, the main salary of the sweetener in the North American terminal accumulated a high of 1.66%. The sugar market extended the losses of the eve this Friday with oscillations in oil still on the radar. Crude oil in the exchanges fell by around 4%, which directly impacts the mills' decision on sugar or ethanol production. "Weaker oil prices are hurting ethanol and may lead global mills to direct more sugarcane crushing to sugar production instead of ethanol, thus increasing ...

Source: NoticiasAgricolas