At the closing of trading on Friday, the July futures contract for world sugar No. 11 on the New York Stock Exchange (SBN24) showed a decrease of -0.28 points (-1.43%), while the August futures contract for London white sugar ICE No. 5 (SWQ24) closed with a decline of -6.30 points (-1.09%), according to data from the Barchart portal.
The decrease in sugar prices was caused by the strengthening of the dollar and the pressure they experienced after Datagro announced an increase in the estimate of sugar production in Center-South to 41.6 million tons in 2024, which is 1.15 million tons higher than the initial March estimate.
An optimistic factor was the statement of the Indian Sugar and Bioenergy Association on the reduction of sugar production in India from October to April by 1.6% to 31.4 million tons compared to the previous year. This is due to the fact that more sugar mills have completed processing by this period this year than last year. In April, 516 Indian sugar mills were idle, compared to 460 mills that were idle at the same time last year.