International sugar futures contracts register a drop with a positive outlook in India

Published Aug 6, 2024

Tridge summary

Sugar futures contracts ended their Friday trade lower on major international exchanges, reflecting optimism over India's sugar cane harvest, which is expected to increase due to above-average monsoon rains. However, there is no sign of India allowing exports. In New York, the October 2024 contract at ICE Futures fell 40 points, and the March 2025 contract fell 42 points. Similarly, at ICE Futures Europe in London, the white sugar contract for October 2024 fell $7.70. Domestically, crystal sugar prices also hit a low on Friday.

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Original content

Sugar futures contracts ended Friday (2) lower on the main international exchanges, reflecting analysts' optimism with India's sugar cane harvest, driven by above-average monsoon rains. "Traders reported that heavier-than-usual monsoon rains should benefit sugarcane crops, potentially resulting in an increase in stocks. However, they highlighted that there are still no signs that India will allow exports," as reported by Reuters . In New York, at ICE Futures, the contract for October 2024 was traded on Friday at 18.10 cents per pound, registering a drop of 40 points compared to the previous price. The contract for March 2025 fell 42 points, trading at 18.42 cents per pound. The other contracts fell between 10 and 39 points. At ICE Futures Europe, in London, the white sugar contract for October 2024 fell $7.70, trading at $515.80 per ton. The contract for December 2024 was traded at $507.80 per ton, representing a ...

Source: Portal Do Agronegocio