Yesterday’s closing dated –18/12/2023
◾London White Sugar – 612.60s (-14.20)
◾NYBOT Raw Sugar #11 – 21.31s (-0.68)
◾USD/BRL- 4.8969 (-0.0401)
◾USD/INR – 83.0600 (+0.0600)
◾Brent Crude – 77.95 (+1.40)
◾BSE Sensex – 71,315.09 (-168.66)
◾NIFTY50 – 21,418.65 (-38.00)
Sugar prices Monday sold off sharply, with London sugar posting a fresh 8-1/2 month low and NY sugar holding just above last Thursday’s 8-1/2 month low. Sugar prices have been under pressure for the last five weeks as Brazil ramps up sugar output. Last Tuesday, Unica reported Brazil’s Center-South sugar output rose +35% y/y in the second half of November and that sugar output in the 2023/24 crop year through November rose +23.5% y/y to 40.817 MMT. Meanwhile, Brazil exported 3.7 MMT of sugar in November, marking a new record for the month.
