Yesterday’s closing dated –20/12/2023
◾London White Sugar – 605.80s (-9.40)
◾NYBOT Raw Sugar #11 – 20.92s (-0.51)
◾USD/BRL- 4.9146 (-0.0017)
◾USD/INR – 83.1700 (-0.0100)
◾Brent Crude – 79.70 (+0.47)
◾BSE Sensex – 70506.31 (-930.88)
◾NIFTY50 – 21150.15 (-302.95)
Sugar prices on Wednesday tumbled to 8-3/4 month lows. 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.
