Sugar advances strongly on the NY and London stock exchanges this 5th with a focus on supply and oil

Published Mar 28, 2024

Tridge summary

Sugar futures prices experienced a notable increase on the New York and London stock exchanges, primarily due to concerns about potential U.S. restrictions on Mexican sugar imports and a cargo ship collision in Baltimore causing logistical issues. The most traded raw sugar contract in New York went up by 1.49%, and in London, it increased by 1.07%. This rise comes after a recent drop in prices, with the market being positively influenced by worries over supply constraints and optimistic production forecasts from Brazil's Center-South region for the 2024/25 harvest. Additionally, an uptick in oil prices suggests a possible shift of more sugarcane towards ethanol production, affecting sugar availability. The market's movements also reflect positioning ahead of the Good Friday holiday.

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

Original content

Sugar futures prices ended this Thursday (28) with a significant increase on the New York and London stock exchanges. The market is attentive to concerns regarding possible restrictions on imports of Mexican sugar by the United States and the logistical impact, in addition to oil. The most traded maturity of raw sugar on the New York Stock Exchange appreciated by 1.49% on the day, quoted at 22.52 cents/lb, with a maximum of 22.59 cents/lb and a minimum of 22.06 cents/lb. In London, the first sweetener contract rose 1.07%, trading at US$652.50 per ton. During the week, the sweetener's main expiration date accumulated an increase of 2.60%. After falling the day before, the sugar market has already started this Thursday's session with a broad appreciation in the face of continued concerns about the supply of the sweetener, especially given the news this week that the United States may limit Mexican imports. In addition, operators in the sweetener market are following the developments ...

Source: NoticiasAgricolas