Crop failure in France and global sugar prices rise on weak dollar
Sugar
Published Nov 10, 2022
Tridge summary
Tuesday (8) was marked by news of a sharp drop in the beet crop in France, one of the largest sugar producers in the European Union, and by the weak dollar in Brazil, causing sugar futures contracts to close higher in the international scholarships.
Original content
In New York, on ICE Futures, raw sugar, due March/23, was traded at 19 cents per pound, an increase of 32 points compared to prices practiced on Monday. On the other hand, the screen may/23 rose 34 points, contracted at 18.06 cts/lb. The other lots rose between 12 and 35 points. The estimate of beet production in France in 2022 was reduced to 31.94 million tons, against 32.69 million tons forecast last month, a decrease of 7.1% compared to last year, according to data brought by the agencies. international news. A factor that pushed prices down were the good prospects for the sugarcane crop in India, the second largest producer of the commodity in the world. "India announced at the end of last week that it will adopt an export quota of 6 million tons of sugar in the 2022/23 cycle, a harvest that started in October this year and will be completed in September. The Asian country should have a new positive harvest", highlighted the Agricultural News portal. In London, on ICE Futures ...
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