US: Sugar resumes negotiations on Tuesday with a drop, but still above 20 cents/lb

Sugar futures operated with a moderate fall on the New York and London stock exchanges this Tuesday afternoon (27). The sweetener market resumes negotiations following the exchange rate, with the dollar appreciating against the real, despite the rise in oil prices. Despite this, the level remains above 20 cents/lb. At around 9:50 am (Brasília time), raw sugar had devalued by 0.76% in the main contract on the New York Stock Exchange (ICE Futures US), at 20.84 cents/lb. The London terminal will still remain closed on Tuesday. The dollar operates with an increase of about 1% against the real this morning. A more valued foreign currency tends to encourage commodity exports and puts pressure on the market. Despite this, oil was testing two-week highs and providing support. In terms of fundamentals, the market is paying attention to the crops in Brazil and India. The National Supply Company (Conab) brought today a production estimate for the 2022/23 harvest of 598.3 million tons, a ...