Brazil: Sugar closes lower with consolidated market and tight supply in the short term
Sugar
Brazil
Published Feb 27, 2023
Original content
Sugar futures closed lower on international exchanges last Friday (24), with the market consolidating, according to operators heard by Reuters, "after reaching a six-year high this month". Also according to them, data on consumption and inflation in the US led some investors to sell riskier assets, such as commodities. In New York, on ICE Futures, the March/23 contract was traded at 21.28 cents per pound, down 30 points compared to the day before. The May/23 display fell 67 points, trading at 19.67 cts/lb. The other lots retreated between 25 and 58 points. Also according to Reuters, traders said there is good support for sugar as short-term supplies remain tight. "They noted, however, that funds are likely to remain very long on sugar and not add much more to their position." "It is expected that a larger Brazilian harvest of sugarcane will result in more hydrous ethanol to fuel cars this year than in 2022, said brokerage and analyst StoneX", also concluding that "there is no ...
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