World: Sugar futures contracts end the week with devaluation
Sugar
Brazil
Published Mar 25, 2024
Tridge summary
The article discusses the effects of anticipated rain forecasts for the last week of March in the Center-South region on sugar prices, both internationally and domestically. Due to speculations about potential delays in the harvest start, the price for raw sugar set for May/24 on ICE Futures in New York fell by 1%, and white sugar prices in London also experienced declines. However, the domestic market in Brazil saw a slight uptick, with the Cepea/Esalq Indicator from USP reporting a 0.47% increase in the price of crystal sugar. This mixed impact highlights the sensitivity of sugar prices to weather forecasts and their implications for the harvest.
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
The rain forecast for the last week of March in the Center-South region of the country led operators to bet on a possible delay in the official start of the harvest. On ICE Futures in New York, raw sugar, due in May/24, closed at 21.85 cents per pound on Friday, registering a drop of 21 points, or 1%, compared to the prices of the previous day. The July/24 contract also fell, with a reduction of 18 points, being traded at 21.60 cts/lb. The other contracts presented variations between 1 and 14 negative points. In London, white sugar also closed lower in all ICE Futures Europe lots. May/24 was traded at US$638.90 per ton, registering a devaluation of US$1.10 compared to the previous day. The August/24 contract fell by US$2.90, being contracted at US$612.90 per ton. The remaining contracts presented reductions ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.