Sugar retreats abroad

Raw sugar lost strength again in the international market and ended the series of analyses below US¢ 15 per pound, according to StoneX. The most liquid contract of NY 11, the SBH6, was quoted at US¢ 14.78/lb, a weekly drop of 18 points and a 1.2 percent decline. The week was marked by a correction after the significant advance recorded the previous Friday, when the market reacted to expectations of the end of milling in the Center-South and possible changes in the sugar mix. Nevertheless, the buying momentum quickly lost intensity and part of the accumulated gains was neutralized in the face of an external scenario that is still comfortable in terms of supply. In the international environment, the market continues to assess high stocks, less worrying weather in major producing origins, and a supply scenario that reduces the space for sustained increases. Although the Brazilian mix continues to favor sugar in this crop, global volumes remain sufficient to hold back the advance in ...