Sugar prices stabilize due to concerns over declining global sugar production

Prices for sugar are rising due to a decrease in production and the weakening of the dollar.

12 September 2023

On Monday, the Oct NY World Sugar #11 Index closed up +0.09 (+0.34%) and the Oct London White Sugar #5 Index closed up +6.40 (+0.88%). This increase in sugar prices was partly caused by the weakening dollar, which in turn raised the prices of most goods, Barchart writes.

Sugar prices have risen over the past couple of weeks due to fears of a decline in global production. NY Sugar hit a 4.5-month high last Friday, and London Sugar set a 12-year record last Tuesday. Alvean, the world's largest sugar trader, forecast a sugar deficit of -5.4 million tonnes for 2023/24.

The situation is aggravated by the forecast for Thailand, the second largest exporter of sugar. Thai Sugar Millers Corp expects sugar production to fall by 18% in the 2023/24 season, to 9 million tonnes, due to severe drought.

Additionally, WTI Crude Oil (CLV23) hit a 9.75-month high on Monday. This could encourage sugar producers to switch to ethanol production, which would further reduce the supply of sugar to the global market.

Using a special form, you can send us news, which will then be included in the news section of the site and in the digest.

Articles sent 214

Submit your article

Source: Sugar.Ru

All information on the site is for personal use only

Sugar prices stabilize due to concerns over declining global sugar production

Prices for sugar are rising due to a decrease in production and the weakening of the dollar.

"The pandemic is pushing the world towards sustainable fuels: interest in bioethanol and renewable energy is growing."

The company "Demetra Trading" has acquired the grain elevator complex "Our Union" in the Oryol region to develop their grain business.

"How to Ensure Successful Overwintering of Grapevines: Experts' Tips on Caring for Vineyards in Autumn"

"Opening of the pavilion in the 'Northern Garden': master classes, tastings, and tours with the sale of our own products in the new project."

Exports of grain products from Tatarstan grew by 12.6% in 2024, driven by demand from Asian countries.

Agricultural campaign in Kursk region in 2024: extreme conditions and sugar beet harvest collection in a challenging situation.

Problems with the harvest: grain loss due to armed conflicts in the Kursk region.

Prices for sugar have sharply dropped due to forecasts of upcoming rains in a major production region in Brazil.