Fires in sugarcane fields impact sugar prices and stock markets close higher this Friday (23) in Brazil

Published 2024년 8월 23일

Tridge summary

Sugar futures contracts on the New York and London stock exchanges saw significant increases from Wednesday, with gains accelerating due to reports of fires in Brazil's sugarcane fields. The most notable increase was in the October/24 contract in New York, which rose 3.03% to 18.39 cents/lbp. The London Stock Exchange also experienced similar gains with white sugar closing up 2.66% at US$ 5,387.30/ton. The surge in prices is primarily due to the Brazilian government's crop forecasting agency, Conab, reducing its estimate for Brazil's 2024/25 Center-South sugar production by 0.7 MMT, attributed to lower sugarcane yields caused by drought and excessive heat.

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

Original content

Sugar futures contracts on the New York and London stock exchanges closed with highs of up to 3.03% this Friday (23). The gains, which have been recorded since Wednesday (21), gained more strength due to reports of fires in sugarcane fields in Brazil. In New York, the October/24 contract closed the day at 18.39 cents/lbp, an increase of 0.54 cents (3.03%). March/25 ended the week worth 18.72 cents/lbp, with an increase of 0.55 cents (3.03%) this Friday. May/25 rose 0.47 cents (2.68%) and reached 18.03 cents/lbp. July/25 closed quoted at 17.60 cents/lbp, a gain of 0.40 cents (2.33%). On the London Stock Exchange, white sugar closed up US$ 13.60 (2.66%) in the October/24 contract and was US$ 5253.70/ton. December/25 gained US$ 10.40 (2.07%) and ended the day at US$ 512.70/ton. March/25 registered an increase of US$ 10.50 (2.11%) and was now worth US$ 508.10/ton. May/25 rose US$ 10.00 (2.02%), quoted at US$ 505.50/ton. “Sugar prices extended their gains today due to reports that ...

Source: NoticiasAgricolas