News

Sugar falls sharply on the US and UK stock exchanges this Friday with an increase in Brazil's production

Sugar
Brazil
Published Apr 13, 2024

Tridge summary

On Friday, sugar futures contracts saw a notable decrease in value on both the New York and London stock exchanges, driven by positive developments in Brazil's sugarcane industry. The decline, with raw sugar in New York dropping by 1.95% and the main contract in London by 1.29%, was influenced by the early onset of the 2024/25 harvest in Brazil's Center-South region and a record-breaking sugarcane crushing of 654.43 million tons for the 2023/24 season, a 19.29% increase from the previous year. This surge in production, reported by the Sugarcane and Bioenergy Industry Union (Unica), set new records in crushing, ethanol, and sugar production within a single year. Additionally, the start of the new harvest saw 74 production units operational, with sugar and ethanol prices in São Paulo's physical market beginning to rise.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Sugar futures contracts ended this Friday's session (12) with a sharp drop on the New York and London stock exchanges. The market felt pressure from positive data related to the start of the 2024/25 harvest in the Center-South, in addition to a record in sugarcane crushing in 2023/24. The most traded maturity of raw sugar on the New York Stock Exchange had a devaluation of 1.95% on the day, quoted at 20.13 cents/lb, with a maximum of 20.64 cents/lb and a minimum of 20.08 cents/lb. In London, the main maturity fell 1.29%, to US$ 589.20 per ton. The sugar market increased the previous day's losses on the stock exchanges as operators paid attention to data on the start of the 2024/25 harvest in the Center-South of Brazil and also the final result of the last season, with crushing of 654.43 million tons of sugar cane. The growth in crushing in the last cycle was 19.29% compared to the 548.62 million tons registered in the 2022/2023 season, according to the Sugarcane and Bioenergy ...
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