Brazil: Sugar recovers ground in this 5th in adjustments after losses at the beginning of the week

Published 2022년 12월 29일

Tridge summary

Sugar futures prices saw an increase on the New York and London stock exchanges this Thursday, following a position adjustment and exchange support after initial losses in the week. The most traded raw sugar contract on the New York Stock Exchange rose 0.64% to 20.29 cents/lb, while in London, the first contract had a 1.10% advance to US$ 561.80 a tonne. The market's attention was divided between the devaluation of oil and information from producing sources, especially Brazil. The National Supply Company (Conab) predicted a 4.4% increase in Brazil's 2022/23 sugarcane crop to 598.3 million tons. In Brazil, sugar prices remained stable at around R$ 136.69 to R$ 137.55 per 50 kg bag in São Paulo and the North and Northeast regions, respectively.

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Original content

Sugar futures prices ended the session this Thursday (29) with appreciation on the New York and London stock exchanges. The sweetener market regained ground on the day with a movement to adjust positions, after losses at the beginning of the week. In addition, there was exchange support for quotes. The most traded month of raw sugar on the New York Stock Exchange rose 0.64% on the day, quoted at 20.29 cents/lb, with a high of 20.44 cents/lb and a low of 20.13 cents/lb. In London, the first contract had an advance of 1.10%, at US$ 561.80 a tonne. After falling in recent days, but still maintaining the level of 20 cents/lb in New York, sugar futures prices had a natural adjustment movement on foreign exchanges this Thursday. In addition, there was also support with the devaluation of the dollar against the real. This afternoon, the dollar was moderately high against the real. "The market fell sharply after setting a nearly six-year high of 21.18 cents last week, but commercial ...

Source: NoticiasAgricolas