Sugar falls more than 3% in NY and March/25 contract returns to trading at 19 cents/lbp in United States

Published Dec 17, 2024

Tridge summary

Sugar prices on the New York and London stock exchanges experienced a significant drop, exceeding 3% in the March/25 NY contract, as that improved global supply outlook and revised forecasts by the International Sugar Organization have contributed to the downward trend. This is due to increased productivity in Thailand and Indonesia's ambition for food self-sufficiency, leading to a ban on sugar imports for consumption from 2025, although the country will still import 3.4 Mt of raw sugar, primarily from Brazil. Additionally, China has halted imports of certain sugar products from Thailand due to health concerns, and its production has surged by 53%, reaching 1.37 Mt in November.

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

Original content

The declines in sugar prices, which were quite slight on Tuesday morning (17) on the New York and London stock exchanges, gained momentum throughout the day and by early afternoon exceeded 3% in the March/25 NY contract, bringing the traded value closer to 20 cents/lbp. On the New York Stock Exchange, at around 12:00 p.m., the March/25 contract was down 0.88 cents, trading at 19.80 cents/lbp. May/25 fell 0.72 cents, quoted at 18.48 cents/lbp, while July/25 lost 0.60 cents, worth 17.95 cents/lbp. October/25 was down 0.52 cents, trading at 17.90 cents/lbp. In London, prices were also falling sharply. The March/25 contract fell US$ 10.00, trading at US$ 519.40 per ton. May/25 fell US$ 10.10, trading at US$ 520.50 per ton, while August/25 fell US$ 8.20, trading at US$ 509.20 per ton. October/25, in turn, fell US$ 6.90, trading at US$ 502.40 per ton. According to Barcharet, an improved outlook for global supply is undermining sugar prices. This movement is happening especially after ...

Source: NoticiasAgricolas