World: Sugar starts the week on the rise, recovering part of previous losses

Published 2024년 12월 23일

Tridge summary

Sugar prices on the New York and London stock exchanges opened higher on Monday, recovering from steep losses the previous week. The previous week's drops were due to higher-than-expected crushing in Brazil and the devaluation of the real against the dollar. On the New York Stock Exchange, the March/25 contract increased by 0.22 cents, trading at 19.73 cents/lbp. The May/25, July/25, and October/25 contracts also saw price increases. On the London Stock Exchange, the March/25 contract increased by US$5.40, trading at US$515.80 per ton. The May/25 and August/25 contracts also recorded price increases.

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Original content

On Monday (23), sugar prices opened higher on the New York and London stock exchanges, partially recovering the steep losses recorded the previous week. Last week, the drops exceeded 5% in New York and were around 4% in London. According to Arnaldo Luiz Corrêa, CEO of Archer Consulting, the drops observed previously were driven by higher-than-expected crushing in Brazil, in addition to the devaluation of the real against the dollar. "In addition to the collapse of the real against the dollar (a devaluation of more than 8% in the last four weeks), two important factors influenced the drop in sugar prices in New York. The crushing number released by UNICA surprised the market, ending the harvest practically at the highest point of initial forecasts (between 605 and 620 million tons of sugarcane)," stated Corrêa in his analysis. On the New York Stock Exchange (ICE Futures), at around 9:50 am (Brasília time), the March/25 contract was up 0.22 cents, trading at 19.73 cents/lbp. The ...

Source: Portal Do Agronegocio