USA: Raw sugar futures fall on ICE on favorable weather in Brazil

Published 2023년 1월 20일

Tridge summary

Raw sugar futures contracts for March delivery saw a decrease of 0.14 cents or 0.7% in settlement at 19.68 cents a pound on ICE, despite positive price outlook from India due to favorable Brazilian crop weather. This decrease is attributed to India's decision to limit sugar exports, which has dampened speculation of increased exports. Despite the potential for the largest new crop in seven years due to high soil moisture in Brazil's agricultural areas, this news failed to offset the impact of the export restriction. Additionally, the March white sugar contract also fell by $5.10 or 0.9% to settle at $546.50 a tonne.

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

Original content

The raw sugar futures contracts traded on ICE fell this Thursday, 19, despite the bullish news for prices coming from India, as the weather remains favorable for crops in Brazil, the largest producer. Raw sugar for March delivery closed down 0.14 cents, or 0.7%, to settle at 19.68 cents a pound after hitting a high of 20.25 cents on Wednesday. . The climate is very positive for the new crop in Brazil. However, India does not intend to allow more sugar exports, government and industry officials said on Thursday, dampening speculation that the country would allow a second tranche of overseas shipments. Agricultural areas where sugarcane is grown in Brazil, the world's biggest exporter of the ...

Source: Novacana