Rain forecast in Brazil reduces sugar prices this Friday, but the week is positive

This Friday (14) saw a drop in sugar prices on the New York and London stock exchanges. Even so, prices accumulated a positive result during this week. With this, the sweetener is once again quoted above 19 cents/lbp among the main contracts in NY. According to information from Barchart, sugar prices fell this Friday due to the forecast of rain in Brazil for next week. “Somar Meteorologia predicted widespread rains next week in Brazil, which alleviates concerns about drought and may increase sugarcane productivity”. In an interview with Notícias Agrícolas this Friday, Alexandre Nascimento - Managing Partner and Meteorologist at Nottus, pointed out that new cold fronts should bring rain in the coming days, helping the development of crops. Despite this, what had the greatest influence on this week of high prices were the signs of lower global sugar production. "The price hike reflected ongoing concerns about rainfall volumes in Brazil and deteriorating sugar production ...