Raw sugar hits 2.5-week low

Futures for raw sugar on ICE reached a 2.5-week low on Friday. October raw sugar hit its lowest level since mid-July, losing 1% for the week. Dealers noted limited supplies and stated that high prices for white sugar should encourage processors to purchase more raw material for processing. Brazilian factories were selling stocks after the depreciation of the national currency.

7 August 2023

ICE raw sugar futures hit a 2.5-week low on Friday, posting a second consecutive weekly loss, Nasdaq reported.

October raw sugar SBc1 fell 0.33 cents, or 1.4%, to 23.69 cents a pound, hitting its lowest level since mid-July. The contract lost 1% in a week after losing 4.4% last week.

Dealers noted limited supply news, adding that sugar was trying to gain a foothold around 24 cents and that relatively high white sugar prices should encourage processors to buy more raw materials for processing.

They said Brazilian factories were selling shares after the currency fell nearly 3% against the dollar as the Brazilian central bank cut interest rates.

The Food and Agriculture Organization of the United Nations said its sugar price index fell nearly 4% in July, marking a second straight month of decline on the back of favorable supply prospects in Brazil and India.

October LSUC1 white sugar fell $12.80, or 1.8%, to $686.20 a metric ton.

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

Raw sugar hits 2.5-week low

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

The sharp increase in sunflower prices due to deteriorating crop forecasts in Russia has caused concern among producers and processors.

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