US: Raw sugar hits new six-year high on ICE amid supply constraints

Published Feb 13, 2023

Tridge summary

ICE raw sugar futures have reached a six-year high due to tight supply concerns, with the March delivery rising 0.6% to 21.58 cents a pound. This increase is attributed to concerns over global sugar supply, particularly a potential production slowdown in the European Union and India. Despite Thailand expecting to export 9 million tonnes of sugar in crop year 2022/23, up 17% from the previous year, the market also saw a slight decrease in white sugar maturing in March.

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

Original content

ICE raw sugar futures rose on Friday to hit a six-year high as the market continued to be supported by tight supply concerns. Raw sugar for March delivery rose 13 cents, or 0.6%, to 21.58 cents a pound. The contract for the first month rose to a six-year high of 21.89 cents earlier in the session and gained 1.6% for the week. “Concerns over global sugar supply were triggered by expectations of a slowdown in production both in the European Union, particularly in the bloc's second-largest producer, France, and in India,” Fitch Solutions wrote in a note. The crushing of sugarcane in the Center-South of Brazil totaled 307 thousand tons in the second half of January, said the Union of the Sugarcane and Bioenergy Industry (Única) this Friday, above the same period of the last year, when processing had already stopped at this time. Thailand expects to ...

Source: Novacana