Sugar prices fall from 12-year highs on speculation over Indian sugar exports

Prices for sugar have decreased due to speculations about sugar exports from India.

17 September 2023

On Friday, October NY world sugar futures #11 (SBV23) closed down -0.07 (-0.26%) and December London white sugar futures white sugar #5 (SWZ23) were down -0.07 (-0.26%). 3.30 (-0.45%), writes Barchart.

Sugar prices retreated from 12-year highs to close moderately lower following remarks by India's Food Secretary. He said India has enough sugar to meet demand during the upcoming festive season. These comments have fueled speculation that the Indian government may allow more sugar exports from mills.

A rise in the Brazilian real on Friday also supported sugar prices, as the real hit a two-week high against the dollar. The strong real is curbing Brazilian sugar producers' desire to export their products.

In addition, sugar prices are supported by a rally in crude oil prices. On Friday, WTI crude oil (CLV23) rose to a 10.25-month high, which is positive for ethanol prices and could encourage global sugar mills to divert more cane to produce ethanol rather than sugar, thereby reducing its supply.

Sugar prices have risen sharply over the past few weeks, hitting 12-year highs on Friday on fears of a decline in global sugar production. Last Tuesday, Alvean, the world's largest sugar trader, said it expected a global sugar market deficit of 5.4 million metric tons in 2023/24. This will be the sixth year of shortages as India may cut sugar exports and farmers in Thailand may switch to the more profitable cassava instead of sugarcane.

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Source: Sugar.Ru

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Sugar prices fall from 12-year highs on speculation over Indian sugar exports

Prices for sugar have decreased due to speculations about sugar exports from India.

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