Oil price falls sharply and puts pressure on sugar prices on New York and London stock exchanges this Wednesday and crop expectations in Brazil

Sugar futures prices fell on the New York and London stock exchanges this Wednesday (28). The market had oil pressure, in addition to the positive expectations with the crop in the Center-South of Brazil highlighted the day before by Conab. The most traded month of raw sugar on the New York Stock Exchange fell 0.79% on the day, quoted at 20.16 cents/lb, with a high of 20.49 cents/lb and a low of 20.10 cents/lb. In London, the first contract was down 2.87%, at US$ 555.70 a tonne. The sweetener market followed the oil's expressive losses on the day amid fears about demand, as Covid-19 is persistent in China and hospitals in one of the world's biggest consumers are crowded, according to Reuters. "Even after China eases Covid restrictions, it is difficult for demand to recover in a short time due to the rapid decline in people's outdoor activities due to the massive infection," Leon Li, an analyst at CMC Markets, told the agency. In addition, the National Supply Company (Conab) which ...