In Brazil sugar starts first session of 2023 with losses on New York and London stock exchanges

Published 2023년 1월 3일

Tridge summary

Sugar futures contracts experienced losses on the New York and London stock exchanges on January 3, 2023, the first trading day of the year. Raw sugar saw a decrease of 0.70% in the main contract on the New York Stock Exchange, priced at 19.90 cents/lb, and a 1.23% drop at US$ 547.60 a tonne in London. The market was influenced by a 1% fall in oil prices and positive harvest projections from Brazil. The National Supply Company (Conab) forecasts a 4.4% increase in Brazil's 2022/23 sugarcane harvest to 598.3 million tons, while Datagro predicts a rise to 590 million tons for the 2023/24 harvest, contributing to a global sugar surplus. The market also faced technical adjustments following a 7% increase in terminals throughout 2022.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Sugar futures contracts operate with losses on the New York and London stock exchanges this Monday morning (03), the first session of 2023. The market follows oil, in addition to following the positive harvest information at the origins. At around 8:28 am (Brasília time), raw sugar had devalued by 0.70% in the main contract on the New York Stock Exchange (ICE Futures US), at 19.90 cents/lb. At the London terminal, the drop was 1.23%, at US$ 547.60 a tonne. The oil market fell about 1% on external exchanges this Monday morning and pressured the sweetener, as oil fluctuations have an influence on all energy products. In addition, there is attention to origins. The National Supply Company (Conab) brought in the last few days that it expects in the 2022/23 harvest in Brazil a crushing of 598.3 million tons of sugarcane, a growth of 4.4% compared to the previous survey and also from the last cycle. Consultancy Datagro also estimated that the 2023/24 sugarcane harvest in the ...

Source: NoticiasAgricolas