Yesterday’s closing dated –22/11/2023
◾London White Sugar – 740.90s (-8.30)
◾NYBOT Raw Sugar #11 – 27.22s (-0.53)
◾USD/BRL- 4.9072 (+0.0004)
◾USD/INR – 83.32 (-0.0350)
◾Brent Crude – 81.96 (-0.49)
◾BSE Sensex – 66,023.24 (+92.47)
◾NIFTY50 – 19,811.85 (+28.45)
Sugar prices Wednesday retreated as weakness in the Brazilian real (^USDBRL) fueled the selling of sugar futures. The real on Wednesday fell to a 1-week low against the dollar, encouraging export selling by Brazil’s sugar producers.
On Tuesday, sugar prices climbed to 1-week highs as heavy rain in Europe has flooded fields and delayed sugar beet production, threatening to tighten global sugar supplies further. France recently received 32 straight days of rainfall, the longest stretch since 1998. Almost 50% of France’s sugar beets remain unharvested due to flooded fields, and if the fields don’t dry soon to allow fieldwork, the remainder of the beet crop might be damaged from frost.
