Prices of sugar on the global market are falling due to the strengthening of the dollar and an increase in production forecast in Central America, but India is reducing its production.

Trading in July raw sugar No. 11 in New York (SBN24) closed lower on Friday at -0.28 (19.30; -1.43%). August London white sugar ICE No. 5 (SWQ24) also closed lower at -6.30 (569.30; -1.09%). According to data from Barchart.

The decline in sugar prices was driven by the strengthening dollar and negative impact from Thursday when Datagro raised its sugar production forecast for the Central-South region in 2024 to 41.6 million tonnes, from the previous estimate of 40.45 million tonnes.

An optimistic factor was the information on Monday from the Indian Sugar Mills Association, which reported a decline in sugar production in India in 2023/24 from October to April by -1.6% compared to the previous year. This is due to the closure of a greater number of sugar mills. The number of Indian sugar mills closed as of April 30 was 516, compared to 460 in the same period last year.