With data from Brazil in evidence, sugar has a week of pressure

Published May 18, 2024

Tridge summary

The sugar market concluded the week with a decrease in prices at international terminals, primarily due to an anticipated increase in supply from main origins such as Brazil and India. In New York, raw sugar prices fell by 1.09%, and in London, white sugar prices dropped by 0.28%. Brazil's sugar production for the second half of April saw a significant increase of +84.0%. However, the domestic market experienced slight price drops on the last trading day. Concurrently, Brazilian agribusinesses are facing challenges due to high autumn temperatures and climate uncertainty, which could negatively impact sugarcane production.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The sugar market ended the week with only technical adjustments to prices at international terminals. Monitoring the main origins and with the expectation of a broader supply, the week was marked by pressure on prices. In New York, the raw type fell 1.09% and ended up worth 18.13 cents/lbp. On the London Stock Exchange, the white type fell 0.28% and ended up being traded for US$514.50 per ton. "NY sugar on Thursday fell to a 1 1/2 year low in the near future, and London sugar fell to a 1 1/2 year low on prospects of ample global sugar supply," adds the analysis of the international website Barchart. Unica reported on Wednesday that Brazil's sugar production in the second half of April jumped +84.0%. Furthermore, the market also continues to monitor current conditions in India - which is also expected to see a recovery in production. In the domestic market, the price of sugar had slight drops on the last day of trading, the CEPEA/ESALQ Indicator, Icumsa color from 130 to 180, the ...
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