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On Tuesday, sugar prices on the New York Exchange (Oct NY world sugar #11, SBV23) fell by -0.29 (-1.10%), and on the London Exchange (Dec London white sugar #5, SWZ23) fell by -7.40 (- 1.03%), Barchart reports.
On Tuesday, sugar prices continued their decline that began on Monday, reaching a two-week low due to increased sugar production in Brazil. UNICA said sugar production in south-central Brazil rose 8.5% year-on-year to 3.116 million tonnes in the first half of September. Sugar production in the 2023/24 season increased by 18.7% to 29.258 million tons. Additionally, 49.37% of processed sugarcane was used for sugar production this year, an increase from 45.47% last year.
Weakness in the Brazilian real is also weighing on sugar prices, with the real falling to a two-week low against the dollar on Tuesday, boosting export sales from Brazilian sugar producers.
Sugar prices have increased dramatically over the past few weeks. The New York stock exchange hit a 12-year high last week, while the London stock exchange set a record on September 14 on concerns about falling global sugar production. On September 5, the world's largest sugar trader Alvean said it expects a sugar deficit of -5.4 million tonnes in 2023/24 due to possible restrictions on sugar exports from India and a shift by Thai farmers to growing cassava instead of sugarcane.
