Prices for sugar are rising due to forecasts by BP Bunge Bioenergia of a sugar deficit by 2024/25.

Trading of world sugar in New York and London has ended with a slight increase. Prices rose after a two-month low due to forecasts of a sugar deficit by 2024/25. A reduction in production is expected in Brazil due to dry conditions.

2 July 2024

Trading of May raw sugar No. 11 in New York (SBK24) closed higher on Tuesday at +0.27 (20.87; +1.31%), while May white sugar ICE No. 5 in London (SWK24) settled at +1.30 (594.30; +0.22%), according to data from Barchart.

On Tuesday, sugar prices recovered after hitting a two-month low and showed a moderate increase. Short covering in the sugar futures market was triggered by forecasts from BP Bunge Bioenergia, stating that the global sugar deficit will reach -1.6 million tons by 2024/25 due to an expected 4.4% reduction in sugar production in Brazil to 40.8 million tons. This decrease will be caused by dry conditions negatively affecting sugarcane yields.

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Prices for sugar are rising due to forecasts by BP Bunge Bioenergia of a sugar deficit by 2024/25.

Trading of world sugar in New York and London has ended with a slight increase. Prices rose after a two-month low due to forecasts of a sugar deficit by 2024/25. A reduction in production is expected in Brazil due to dry conditions.

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