World: Sugar futures contracts close mixed on international exchanges with India improving its production

Updated Sep 23, 2023
Sugar futures contracts closed mixed this Thursday (21) on international exchanges after India improved its production forecast for the commodity due to good rains in September, according to the Indian food secretary who added, however, the request government request for mills to "sell sugar stocks in local markets to cool prices", according to a Reuters analysis
"However, India is unlikely to export sugar in the 2023-24 season as production will be lower than the previous year, ED&F Man Commodities said on the sidelines of a conference in New Delhi," the international news agency reported. In New York, on ICE Futures, the first three lots of raw sugar closed in value, while the longer shares suffered losses. The October/23 maturity, which should expire next week, was contracted at 26.93 cents per pound, an increase of 14 points, or 0.5%, compared to the previous day's prices. The March and May/24 screens rose, respectively, 11 and 4 points. The other contracts fell between 1 and 8 points. Yesterday's Datagro report estimated sugar production in the central-south region of Brazil in 2023/24 at 40.3 million tons, compared to 39.45 million last season. If the forecast numbers are confirmed, this harvest will be a record in sugar production, according to the consultancy. In London, Thursday was a bullish day for the first four lots of ICE ...
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