Sugar: futures contracts close higher on international exchanges in the US

Published Apr 6, 2023

Tridge summary

Sugar futures have experienced a consistent rise on the international market due to concerns over a potential sugar shortage caused by crop failures in India, Pakistan, Thailand, and China. In India, the second-largest producer, the reported sugar production has come in 3% below expectations at 30 million tons. This trend was mirrored in both New York and London exchanges, where all lots experienced an increase. However, the domestic market saw a slight decrease in crystal sugar prices. Additionally, hydrated ethanol prices also hit a high note, showing a 0.62% increase.

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

Original content

Sugar futures closed yet another day higher on international exchanges, once again reflecting fears of low supply of the sweetener with crop failures in India, Pakistan, Thailand and China. In India, the second largest producer of the commodity, production so far, according to the Indian Association of Sugar Mills, reached 30 million tons, 3% less than projected, with many mills even having already closed current season. In New York, Wednesday was bullish in all lots of ICE Futures. The May/23 maturity was contracted at 22.95 cents per pound, an increase of 48 points in comparison with the prices of the previous day. The July/23 screen also rose 48 points, trading at 22.55 cts/lb. The other lots closed valued between 27 and 45 points. London On ICE Futures Europe, Wednesday was also bullish for all white sugar maturities. The May/23 lot rose by US$27.10, contracted at US$663.90 a ton. The August/23 contract was traded at US$ 646.80 a ton, an appreciation of US$ 17.40 compared to ...

Source: Agrolink