News

Sugar: Better expectations with harvests in India and Thailand cause prices to plummet this Friday

Sugar
Brazil
Published Mar 2, 2024

Tridge summary

Sugar futures prices on the New York and London stock exchanges experienced significant losses due to improved harvest expectations in Asia and a focus on sweetener demand. Despite this, there are still indications of a tighter supply in the next cycle. The most traded raw sugar maturity on the New York Stock Exchange fell by 2.77% to 21.09 cents/lb, while the first contract in London fell 2.03% to US$602.60 per ton. Commodities trading company Wilmar reported that harvests in India and Thailand could be better than expected, potentially impacting global sugar prices.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Sugar futures prices end the week with strong losses on the New York and London stock exchanges this Friday (1st). The pressure accompanies better expectations with the harvest of Asian origins, in addition to the focus on demand for the sweetener. Despite this, indications of tighter supply in the next cycle remain. The most traded maturity of raw sugar on the New York Stock Exchange fell by 2.77%, quoted at 21.09 cents/lb, with a maximum of 21.88 cents/lb and a minimum of 20.96 cents/lb. In London, the first contract fell 2.03%, to US$602.60 per ton. After oscillating on both sides of the table, the drop in sugar prices was consolidated this afternoon. Commodities trading company Wilmar reported this Friday that harvests in India and Thailand should be better than expected. "Thailand's harvest is much better than expected," Karim Salamon, head of sugar analysis at Wilmar, told Reuters. Sugar production in the country could be between 8.5 and 9 million tons, more than 1 million ...
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