Prices for sugar continue to decline due to increased production in Brazil.

Prices for world sugar have decreased: world sugar No. 11 in New York fell by 0.22 (1.17%) to 18.65, while ICE No. 5 in London decreased by 10.70 (542.30; -1.93%). The volume of sugar production in Brazil has increased, leading to a decrease in sugar prices. Unica reported a production increase by 84% to 1.843 million tons in April and by 65.9% to 2.558 million tons for the marketing year.

16 May 2024

On Wednesday, prices for July world sugar No. 11 in New York (SBN24) continued to decline, yielding -0.22 (18.65; -1.17%), while August London white sugar ICE No. 5 (SWQ24) closed with a decrease of -10.70 (542.30; -1.93%), as reported in the Barchart report.

Prices for sugar decreased on Wednesday, but they are still above the minimum values reached on Tuesday. On Tuesday, sugar prices in New York fell to the lowest level in one and a half years, while London sugar reached a quarterly low.

An increase in sugar production volumes in Brazil led to a decrease in its price. On Wednesday, Unica reported that in the second half of April, sugar production in Brazil increased by +84.0% year on year, reaching 1.843 million tons, and in the marketing year 2024/25 (April-March), sugar production volume grew by +65.9% year on year, reaching 2.558 million tons. Brazilian sugar mills increased the use of sugarcane raw material for sugar production by producing ethanol. This year, 46.96% of sugarcane was allocated for sugar processing compared to 41.42% in the previous year.

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