Prices for sugar are rising due to a reduction in production forecast in Brazil, futures closed higher.

On Thursday, the closing of the May sugar No. 11 futures in New York (SBK24) looked as follows: +0.27 (19.54; +1.40%). The London white sugar ICE No. 5 futures in August (SWQ24) showed a change: +9.60 (568.90; +1.72%). This information was reported by the Barchart platform.

Sugar prices rose on Thursday due to short covering of futures. Conab lowered its forecast for sugar production in Brazil for the 2023/24 year by 2.6% to 45.7 million tons, compared to the previous estimate of 46.9 million tons. Additionally, Conab increased its estimate for ethanol production in Brazil for the 2023/24 year to 29.7 billion liters, while the previous estimate was 28 billion liters.