News

Brazil: Sugar reacts on US and UK stock markets this Wednesday after lows in mid-January

Sugar
Brazil
Published Feb 22, 2024

Tridge summary

Despite initial falls due to expectations around Brazil's new harvest, sugar futures contracts experienced a slight rise on the New York and London stock exchanges on Wednesday, driven by firmer financials and technical adjustments. However, the physical sugar market saw lower prices, with the CEPEA/ESALQ indicator for sugar devaluing by 0.50%. In other news, India, the world's second-largest sugar producer, announced an 8% increase in the minimum price of sugar cane for the 2024/25 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

Sugar futures contracts ended this Wednesday's session (21) with a slight increase on the New York and London stock exchanges. The market fell during the day following expectations with Brazil's new harvest, but turned around with a focus on finances and adjustments. The most traded maturity of raw sugar on the New York Stock Exchange appreciated by 0.32%, quoted at 22.28 cents/lb, with a maximum of 22.43 cents/lb and a minimum of 21.92 cents/lb. At the London terminal, the first contract rose 0.10%, to US$625.50 per ton. After extending the previous day's losses, with lows since mid-January, with a focus on more favorable information about the 2024/25 harvest in the Center-South of Brazil, sugar prices ended the day with a slight increase in the external terminals of Brazil. sweetener. The pressure for part of the day accompanied lower concerns about the new Brazilian harvest, as the weather has improved. "Production in the largest producer, Brazil, is expected to remain strong ...
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