World: Sugar prices drop 5% weekly in New York

Raw sugar futures contracts closed last week with a depreciation of up to 5% on ICE Futures in New York, compared to the previous week. On Friday (13), the contract maturing in March 2025 was traded at 20.72 cents per pound, a drop of 17 points or 0.8% compared to the previous day. The May 2025 contract fell 24 points, closing at 19.26 cts/lb. Other maturities showed depreciations between 10 and 23 points. According to analysts consulted by Reuters, the main factor behind the pressure on prices is the surprising sugar production in Brazil, the largest global producer. Data indicate that, at the end of November, harvest volumes exceeded market expectations, generating negative impacts on commodity prices. At ICE Futures Europe, in London, the white sugar market also showed widespread declines. The contract maturing in March 2025 was quoted at US$528.00 per ton, representing a drop of US$5.00 compared to the previous day. The contract for May 2025 fell by US$5.10, trading at ...