With the mix in Brazil more for sugar, commodity closes mixed on international exchanges

With Brazilian mills directing more cane to sugar production to the detriment of ethanol, according to analysts interviewed by Reuters, sugar prices closed mixed last Friday (25), with a downward trend in most batches on the exchanges international. In New York, the week saw raw sugar prices fall by 3.6%. The March/23 lot was contracted on Friday at 19.33 cents per pound, down 22 points compared to the previous day's prices. The screens May and July/23 fell, respectively, 12 and 4 points. The other maturities closed with values between 1 and 18 points on ICE Futures. Also according to Reuters, Archer Consulting reported a high volume of hedges by Brazilian mills for next year's harvest, estimating this value at 49% of expected exports. "Czarnikow on Thursday cut its global sugar surplus forecast for the current 2022/23 season to 2 million tonnes from 3.6 million previously." On ICE Futures Europe, from London, white sugar closed in the red on all lots last Friday. The March/23 ...