News

Climate in Brazil and tight supply in the short term favor sugar prices

Sugar
Brazil
Published Feb 17, 2023

Tridge summary

The climate in Brazil, the largest sugar producer in the world, combined with the tight supply in the short term has pressured sugar prices on the international market. Yesterday, the New York (raw sugar) and London (white sugar) stock exchanges closed with gains in all lots.

Original content

The climate in Brazil, the largest sugar producer in the world, combined with the tight supply in the short term have pressured sugar prices on the international market. Yesterday, the New York (raw sugar) and London (white sugar) stock exchanges closed with gains in all lots. On ICE Futures, the expiration March/23 was contracted this Thursday at 21.45 cents per pound, an increase of 7 points, or 0.3%, compared to the prices of the previous day. The May/23 screen rose 5 points, trading at 19.77 cts/lb. The other contracts rose between 2 and 6 points. Analysts interviewed by Reuters pointed out that the heavy rains that hit several regions of Brazil could delay the sugarcane harvest or even "dilute the sugar content of the cane", which could lower the prospects for crushing the 2023/24 harvest, which officially begins on April 1st, in the Center-South region of the country. London Thursday was also high for white sugar prices on ICE Futures Europe. The May/23 batch was contracted ...
Source: Agrolink
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