World sugar market on December 13, 2023: Vietnam's sugarcane industry prepares for growth in 2023/24 crop year

Published 2023년 12월 13일

Tridge summary

Raw sugar futures on ICE and white sugar futures on the London exchange both saw price increases, with sugar output in Brazil's South Central region at 35% compared to the previous month. Egypt announced a tender to import 50,000 tons of raw sugar, and domestic sugar prices in Vietnam increased by 15% compared to the beginning of the year. The Vietnam Sugarcane Association recommended increasing sugarcane purchasing prices to ensure farmers have equivalent or higher income compared to competing crops, and estimated an increase in sugarcane growing areas and sugar output for the 2023/24 crop year.

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Original content

Raw sugar futures for March 2024 on ICE this morning increased 0.5% to 22.59 US cents/lb, after hitting an 8.5-month low of 21.48 US cents/lb in beginning of the trading session. The price of white sugar futures in March 2024 on the London exchange increased 0.3% to 639.7 USD/ton. Sugar futures price on the exchange on December 13, 2023 According to the UNICA Sugarcane Association, sugar output in the South Central region of Brazil at the end of November 2023 was 35% compared to the same period in October. Increased sugar supply from India and Brazil contributed to the slide in world sugar prices. recently. On Tuesday (December 12), Egypt's General Administration of Commodity Supply (GASC) announced a tender to import 50,000 tons of raw sugar. Some domestic road information: - Domestic white sugar price as of October fluctuated between 22,000 - 23,000 VND/kg, up 15% compared to the beginning of the year. - In November, many sugar factories began entering the 2023/24 ...

Source: Vinanet