Sugar prices have stabilized

Sugar prices have moved in opposite directions in New York and London. The international sugar organization has raised its forecast for global production but lowered its forecast for the deficit. As a result, prices have reached a 12-year high. Brazil's sugar exports have also declined by 10% in October.

20 November 2023

On Friday, March New York World Sugar #11 (SBH24) was down -.01 (-.04%), March ICE London White Sugar #5 (SWH24) was down +2.90 (+.40%), reports Barchart.

Sugar prices moved in different directions on Friday. Sugar prices have risen since the start of the week after the International Sugar Organization (ISO) raised its 2023/24 global sugar production forecast to 179.9 million tonnes, up from the previous estimate of 174.8 million tonnes. At the same time, they cut their forecast for an increase in the sugar deficit for 2023/24 to -335,000 tonnes, representing a reduction of 2.1 million tonnes in the forecast.

Sugar prices hit a 12-year high last Tuesday as global sugar supplies surged. Exporters to Brazil's ports are limiting sugar levels as a report from commodity experts Green Pool shows Brazil's sugar exports fell 10% in October compared to September.

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Sugar prices have stabilized

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