USA: Sugar starts the week with significant losses on the NY and London stock exchanges

Published 2023년 3월 13일

Tridge summary

Sugar futures prices have seen a significant decrease on the New York and London stock exchanges on Monday morning. Raw sugar saw a 0.90% drop in the main contract on the New York Stock Exchange, reaching 20.97 cents/lb, and a 1.10% drop in London, with a low of US$ 583.40 a tonne. This decline in the sugar market is linked to the over 1% loss of oil, impacting fuel prices and mill production decisions between sugar and ethanol. Additionally, the market is awaiting more information about the 2023/24 crop in Brazil's Center-South region, with Datagro predicting a 6.9% increase in the new sugarcane harvest, rising to 590 million tons.

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

Original content

Sugar futures prices operate with a sharp drop on the New York and London stock exchanges this Monday morning (13). The market starts the week following oil, in addition to being optimistic about the crop in the Center-South region of Brazil. At around 8:34 am (Brasília time), raw sugar was down 0.90% in the main contract on the New York Stock Exchange (ICE Futures US), at 20.97 cents/lb. In London, the low was 1.10%, at US$ 583.40 a tonne. The sweetener market follows losses of more than 1% of oil in the external scenario this Monday, which impacts on fuel prices and also on the decision of mills on the production of sugar or ethanol. In addition, positive information about the 2023/24 crop in the Center-South of the country permeates the negotiations. However, there is attention to Asian origins. Datagro, for example, estimated this week that the new harvest of sugarcane in Brazil should jump 6.9%, to 590 ...

Source: NoticiasAgricolas